Prestige Estates raises Rs 5,000 crore by selling shares via QIP route
Prestige Estates Projects Ltd has raised Rs 5,000 crore by selling equity shares to institutional investors through private placement. The company had on August 29 launched its Qualified Institutional Placement (QIP) 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 per cent on the floor price of Rs 1,755.09 per share fixed by the panel.
In July, the company had taken approval of its shareholders to raise capital by way of public or private offerings including through a QIP to eligible investors through an issuance of equity shares or other eligible securities for an amount not exceeding Rs 5,000 crore.
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 per cent decline in its consolidated net profit to Rs 232.6 crore in the June 2024 quarter on higher expenses.
Its net profit stood at Rs 266.9 crore in the year-ago period.
The company's total income rose to Rs 2,024.5 crore 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 per cent decline in
