Prestige Estates to use Rs 5k-cr QIP raise to pare debt, acquire assets, says CMD Irfan Razack
Prestige Estates Projects plans to use the Rs 5,000 crore it raised through qualified institutional placement (QIP) to primarily reduce debt and acquire assets to expand its portfolios nationwide.
“We plan to allocate approximately Rs 1,500 crore towards debt reduction (and) Rs 1,750 crore for land acquisition,” Irfan Razack, chairman and managing director of Prestige Group, told ET in an interview.
“The remaining funds will be directed towards equity contribution towards capex projects and general corporate purposes,” he said.
The firm plans to invest Rs 16,000 crore to fuel its growth and sell Rs 50,000-crore worth residential assets over the next five years. It also targets more than four times growth in exit rental income from office and retail segments by FY28, the company said in an investor presentation post the March quarter results.
Earlier this month, Prestige raised Rs 5,000 crore through a private placement of equity shares to institutional investors.
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