A top real estate builder in Bengaluru, Prestige Estates’ market capitalization decreased to Rs.75, 121 crore. After the real estate company stated that it intends to raise capital through qualified institutions placements - QIP, preferential issue, rights issue, private placement, or any other form, the shares of Prestige Estates fell more than 5 percent in early deals.
A decision with this impact will be taken in a gathering of board of directors planned to be hung on June 21.
The real estate stock closed at Rs.1836.35 on the BSE, down 5.10 percent from its previous close of Rs. 1935.15. The company saw the sale of 0.42 lakh shares, resulting in a turnover of Rs.7.93 crore.
On the BSE, Prestige Estates' market capitalization decreased to Rs.75, 121 crore. The shares of Prestige Estates have a one-year beta of 1.2, indicating extremely high volatility. Prestige Estates currently has a RSI – Relative strength index - RSI of 69.1, indicating that it’s trading neither overbought nor oversold.
Recently, the Prestige Estates announced that it is aiming to secure approximately Rs.2, 000-3,000 crore from its upcoming initial public offering (IPO) for its hospitality business. The firm has enlisted the services of JM Financial, JP Morgan, and CLSA.
The company anticipates a valuation ranging from Rs.17, 000 to Rs.20, 000 crore for its hospitality business.
Previously, the organization had stated that the separation of its hospitality division is progressing as planned, and the initial sale of shares is anticipated to occur in 2024.
Copyright © 2024 HomesIndiaMagazine. All Rights Reserved.
