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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.

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