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Prestige Estates' shares jump nearly 8 pc

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NewsDrum Desk
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New Delhi, Apr 1 (PTI) Shares of realty firm Prestige Estates Projects Ltd on Monday jumped nearly 8 per cent as the company raised Rs 2,001 crore from Abu Dhabi Investment Authority (ADIA) and Kotak AIF to develop housing projects across four major cities, as part of its expansion plan.

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The stock climbed 7.68 per cent to settle at Rs 1,259.80 on the BSE. During the day, it zoomed 8.78 per cent to Rs 1,272.70.

At the NSE, the stock jumped 7 per cent to Rs 1,253.

In a regulatory filing on Monday, Prestige Group said the company, through its subsidiaries, has "entered into a landmark deal with ADIA and Kotak AIF for Rs 2,001 crore (around USD 240 million) to capitalise on growth opportunities in the residential sector".

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The fund will be used to develop projects with an estimated revenue potential of Rs 18,000 crore, it added.

"This marquee deal not only underscores the confidence of institutional investors in Prestige Group's execution and corporate governance but also reflects our shared commitment to delivering excellence in real estate development pan-India," Irfan Razack, Chairman & Managing Director of Prestige Group, said.

When contacted, Prestige Group CEO Venkat K Narayana said the company has raised this fund in a quasi-equity form and will be used to develop four housing projects in Delhi-NCR, Mumbai, Goa and Bengaluru. PTI SUM HVA

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