Prestige Estates announced on June 21 that its board has approved a fundraising plan of Rs.5000 crore through qualified institutional placement (QIP) or other permissible modes, as stated in a regulatory filing.
The board of the Bengaluru-based company has also given its approval for the monetization of its hospitality assets by means of a share issue. Furthermore, a sub-committee has been established to supervise the entire process.
In a regulatory filing the company mentioned,the Board of Directors of Prestige Estates Projects Limited (“Company”) convened a meeting today on June 21, 2024, where they deliberated and sanctioned the following resolution: To raise funds through the issuance of equity shares or other eligible securities, up to a total of Rs. 5,000 Crores (Rupees Five Thousand Crores only), via qualified institutional placement (“QIP”) or any other permissible method as per the relevant regulations, pending the requisite approvals.
The board has also chosen to capitalize on the assets of the hospitality sector by utilizing Prestige Hospitality Ventures Limited, a wholly owned subsidiary of the Company, through the issuance of shares (either through primary, secondary, or both) pending approval from shareholders, market conditions, and the necessary regulatory approvals.
The company also mentioned that,a sub-panel has been established to supervise and organize the procedure. The panel is assigned with the duty of guaranteeing adherence to all regulatory obligations, collaborating with advisors and underwriters, and making all essential preparations.
On June 21, the shares of Prestige Estates Projects concluded at Rs1,995.00, reflecting a decrease of 0.93%.
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