Prestige Estates, the leading real-estates development company in India, informed on Thursday that they have raised Rs 900 crore through Qualified Institutional Placement (QIP).
According to reports, the issue opened on January 30, 2020 and closed on February 4, 2020. The fund-raising committee of the company, thereafter, approved the issue price of the shares to be allotted to qualified institutional buyers. Shares worth Rs 436 crore are being allotted on a preferential basis to GIC Private Limited, a sovereign wealth fund established by Government of Singapore, at Rs 325 per share. The remaining shares worth Rs 464 crore have been subscribed to various investors of US and Singapore at Rs 372 per share.
The CEO of Prestige Group, Venkat K Narayana said that this money will be used for the growth of the company and for taking the firm to the next level. He further added that the idea behind is to grow development portfolio and increase annuity income of existing and new places where the company is getting established like in Mumbai, NCR and so on.
At the time of market closing, the stock price of Prestige Estates was trading at Rs 381.30, up by 1.09 per cent against its previous close of Rs 377.20 on BSE.
Source: Dalal Street Investment Journal