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Prestige Estates plans to raise ₹5,000 crore through QIP at a floor price of ₹1,755.09 per share, aiming to reduce debt, acquire land, and fund ongoing projects. Prestige Estates share price closed at ₹1,753 on Thursday, marking a 2.25% increase.
Bengaluru-based real estate developer Prestige Estates Projects Limited has initiated a Qualified Institutional Placement (QIP) to raise up to ₹5,000 crore. This strategic move aligns with the company's broader financial and expansion goals.
The company has set the floor price for the QIP at ₹1,755.09 per share, which closely matches the close of Prestige Estate share price on Thursday. However, sources suggest that the indicative issue price could be around ₹1,674 per share, reflecting a 5% discount to the floor price. The QIP is expected to dilute about 7.45% of the company’s pre-issue share capital.
Prestige Estates plans to deploy the funds raised from the QIP for several critical purposes:
Debt Repayment: The primary focus is on the repayment or pre-payment of existing borrowings, which will help reduce the company's overall debt burden.
Land Acquisition: A significant portion of the funds will be used for acquiring land or land development rights, facilitating the company's expansion plans.
Investment in Subsidiaries and JVs: The proceeds will also support ongoing and upcoming projects through investments in subsidiaries and joint ventures (JVs).
General Corporate Purposes: A portion of the funds will be allocated for general corporate needs, ensuring smooth business operations.
The board of Prestige Estates had approved the plan to raise up to ₹5,000 crore in June 2024, allowing for the funds to be raised through a QIP or other permissible financial instruments.
Prestige Estates share price closed at ₹1,753 on Thursday, reflecting a 2.25% increase. Notably, the stock has surged by 187.14% over the past 12 months, underscoring investor confidence in the company's growth prospects.
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