Realty firm Prestige Estates Projects Ltd has successfully raised ₹5,000 crore by issuing equity shares to institutional investors through a Qualified Institutional Placement (QIP). The company allocated 2,98,68,578 shares at an issue price of ₹1,674 per share, which reflects a 4.62% discount from the floor price of ₹1,755.09.
This move comes after the company secured shareholder approval in July to raise funds through public or private offerings. Prestige Estates is a prominent player in India’s real estate sector, with a strong presence in southern markets and recent expansion into Mumbai and Delhi-NCR.
Despite facing delays in project launches due to the election period, the company reported a commendable sales performance of over ₹3,000 crore in Q1 FY25. However, its consolidated net profit for the June 2024 quarter fell by 13% to ₹232.6 crore due to increased expenses. Prestige Estates remains optimistic about its upcoming project pipeline and continued growth across diverse regions.
