The company launched its Qualified Institutional Placement (QIP) on August 29 to raise funds.
In a regulatory filing on Wednesday, Prestige Estates reported that a fundraising committee of the board approved the allotment of 2,986,8578 equity shares at an issue price of ₹1,674 each for eligible institutional investors.
The issue price has been discounted by 4.62% on the minimum price of ₹1,755.09 per share set by the panel.
In July, the company had received approval from its shareholders to raise capital through public or private offerings, including through a QIP to eligible investors by issuing equity shares or other eligible securities in an amount not to exceed ₹5,000 crore rupees.
Bengaluru-based Prestige Estates is one of the country’s leading developers with a significant presence in the South Indian market.
The company has also entered the Mumbai and Delhi-NCR markets.
Recently, Prestige Estates Projects reported a 13% decrease in its consolidated net profit ₹232.6 crore in the June 2024 quarter due to higher expenses.
Its net profit stood at ₹
66.9 crore in the same period last year.
The company’s total revenue amounted to ₹2,024.5 crore in the April-June period of fiscal year 2024-25 from ₹1,966.3 crore in the corresponding period of the previous year.
Last month, Prestige Estates Projects Ltd reported a 23% decline in its sales bookings. ₹3,029.5 crore in the first quarter of this fiscal year due to lower volumes due to delays in launching new projects.
Its sales reserves stood at ₹3,914.7 crore in the same period last year.
The company sold 2.86 million square feet in April-June, compared with 3.83 million square feet in the same period last year.
“We are pleased with our performance in the first quarter of fiscal year 2025, which reflects our strong market presence. Despite the delay in approvals and project launches during the election period, we still surpassed a commendable sales figure of ₹“3,000 crore,” said the company’s managing director, Irfan Razack.
The company maintained a healthy sales mix across its key geographies: Bangalore (43%), Hyderabad (32%) and Mumbai (23%).
“In the coming quarters, we expect to launch a wide range of projects across diverse geographies,” Razack said.
The Prestige Group builds residential, office, retail, hospitality and warehouse projects.
The group has completed 300 projects covering a developable area of 190 million square feet.
Disclaimer:
The information contained in this post is for general information purposes only. We make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the post for any purpose.
We respect the intellectual property rights of content creators. If you are the owner of any material featured on our website and have concerns about its use, please contact us. We are committed to addressing any copyright issues promptly and will remove any material within 2 days of receiving a request from the rightful owner.