Prestige Estates raises Rs 50 billion by selling equity shares via QIP
Real Estate

Prestige Estates raises Rs 50 billion by selling equity shares via QIP

Realty firm Prestige Estates Projects Ltd has raised Rs 50 billion by selling equity shares to institutional investors through private placement. On August 29, the company launched its Qualified Institutional Placement (QIP) issue to raise funds. In a regulatory filing on Wednesday, Prestige Estates informed that a fundraising committee of the board approved the allocation of 2,98,68,578 equity shares at an issue price of Rs 1,674 apiece to eligible institutional investors. The issue price was at a discount of 4.62 % on the floor price of Rs 1,755.09 per share fixed by the panel. Bengaluru-based Prestige Estates is one of the leading developers of the country, with a significant presence in the South Indian market. The company has entered the Mumbai and Delhi-NCR markets as well. Recently, Prestige Estates Projects reported a 13 % decline in its consolidated net profit to Rs 2.32 billion in the June 2024 quarter on higher expenses. Its net profit stood at Rs 2.66 billion in the year-ago period. The company's total income rose to Rs 20.24 billion in the April-June period of the 2024-25 fiscal year, from Rs 1,966.3 crore in the corresponding period of the previous year. Last month, Prestige Estates Projects Ltd reported a 23 % decline in its sales bookings to Rs 30.29 billion in the first quarter of this fiscal on lower volumes due to delays in launches of new projects. Its sales bookings stood at Rs 3,914.7 crore in the year-ago period. The company sold 2.86 million square feet in the April-June quarter, against 3.83 million square feet in the corresponding period of the previous year. "We are pleased with our performance in Q1 FY25, which reflects our robust market presence. Despite the lag in approvals and project launches during the election period, we still crossed a commendable sales figure of Rs 30 billion," the company's CMD Irfan Razack had said. "In the upcoming quarters, we look forward to launching an extensive pipeline of projects across diverse geographies," Razack had said. The Prestige Group builds residential, office, retail, hospitality and warehouse projects. It has completed 300 projects spanning a developable area of 190 million sq ft.

Realty firm Prestige Estates Projects Ltd has raised Rs 50 billion by selling equity shares to institutional investors through private placement. On August 29, the company launched its Qualified Institutional Placement (QIP) issue to raise funds. In a regulatory filing on Wednesday, Prestige Estates informed that a fundraising committee of the board approved the allocation of 2,98,68,578 equity shares at an issue price of Rs 1,674 apiece to eligible institutional investors. The issue price was at a discount of 4.62 % on the floor price of Rs 1,755.09 per share fixed by the panel. Bengaluru-based Prestige Estates is one of the leading developers of the country, with a significant presence in the South Indian market. The company has entered the Mumbai and Delhi-NCR markets as well. Recently, Prestige Estates Projects reported a 13 % decline in its consolidated net profit to Rs 2.32 billion in the June 2024 quarter on higher expenses. Its net profit stood at Rs 2.66 billion in the year-ago period. The company's total income rose to Rs 20.24 billion in the April-June period of the 2024-25 fiscal year, from Rs 1,966.3 crore in the corresponding period of the previous year. Last month, Prestige Estates Projects Ltd reported a 23 % decline in its sales bookings to Rs 30.29 billion in the first quarter of this fiscal on lower volumes due to delays in launches of new projects. Its sales bookings stood at Rs 3,914.7 crore in the year-ago period. The company sold 2.86 million square feet in the April-June quarter, against 3.83 million square feet in the corresponding period of the previous year. We are pleased with our performance in Q1 FY25, which reflects our robust market presence. Despite the lag in approvals and project launches during the election period, we still crossed a commendable sales figure of Rs 30 billion, the company's CMD Irfan Razack had said. In the upcoming quarters, we look forward to launching an extensive pipeline of projects across diverse geographies, Razack had said. The Prestige Group builds residential, office, retail, hospitality and warehouse projects. It has completed 300 projects spanning a developable area of 190 million sq ft.

Next Story
Infrastructure Urban

DCPC Prepares for Special Campaign 5.0 with Focus on E-Waste

The Department of Chemicals and Petrochemicals (DCPC), Ministry of Chemicals and Fertilisers, is gearing up for Special Campaign 5.0, to be held from 2nd to 31st October 2025. The initiative will focus on e-waste disposal as per MoEFCC’s E-Waste Management Rules 2022, space optimisation, and enhancing workplace efficiency across field offices.Special Campaign 4.0, conducted between October 2023 and October 2024, delivered notable results in record management, grievance redressal, scrap disposal, and cleanliness drives.Key outcomes of Special Campaign 4.0Records management: 2,443 physical fil..

Next Story
Real Estate

BlackRock India Leases 1.4 Lakh Sq Ft in Bengaluru

BlackRock Services India, the domestic arm of global asset manager BlackRock, has leased 1.4 lakh sq ft of office space at IndiQube Symphony in Bengaluru, according to Propstack data. The 10-year deal is valued at around Rs 4.10 billion.The lease, among the largest transactions in India’s co-working sector, highlights the growing preference of global institutions for flexible office providers. The agreement, commencing October 1, 2025, covers ground plus five floors in KNG Tower 1 at Ashoknagar, MG Road — one of Bengaluru’s prime commercial hubs.As per the lease document, BlackRock will ..

Next Story
Infrastructure Transport

L&T Bags Rs 25–50 Bn Order for Mumbai-Ahmedabad Bullet Train Track Works

Larsen & Toubro’s (L&T) Transportation Infrastructure business has secured an order valued between Rs 25 crore and Rs 50 billion from the National High Speed Rail Corporation Limited (NHSRCL) for the Mumbai-Ahmedabad High Speed Rail (MAHSR) corridor.The contract, Package T1, involves the design, supply, construction, testing, and commissioning of 156 route km of high-speed ballastless track on a Design-Build Lump Sum Price basis. The stretch runs from Mumbai’s Bandra-Kurla Complex to Zaroli village in Gujarat and includes 21 km of underground track and 135 km of elevated viaduct.Se..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Talk to us?