Prestige Estates board approves Rs 5,000 crore fundraising plan via QIP or other modes
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Prestige Estates Projects' board of directors on Friday approved a Rs 5,000 crore fundraising plan via the issuance of equity shares through the qualified institutional placement (QIP) or other permissible modes. The funds will be raised in one or more tranches, the company said in its filing to the exchanges. The company plans to monetise assets of the hospitality segment through Prestige Hospitality Ventures Limited, which is a wholly-owned subsidiary of the company, by way of issue of shares (through primary or secondary markets or both). The board has also formed a sub-committee to oversee and structure the process. The committee has been tasked with the responsibility of ensuring compliance with all regulatory requirements, coordinating with advisors and underwriters, and making all necessary arrangements, the filing said. The announcement was made after market hours and the stock on Friday ended at Rs 1,995, down by Rs 18.80 or ...