Prestige Estates plans to raise Rs 5,000 cr via QIP, monetise hotel biz

Realty firm Prestige Estates Projects Ltd plans to raise up to Rs 5,000 crore by selling shares to institutional investors and also monetise its hotel business.

According to a regulatory filing on Friday, the company's board approved "raising of funds by way of issuance of equity shares or other eligible securities for an aggregate amount not exceeding Rs 5,000 crore by way of qualified institutional placement (QIP) or other permissible mode."

The board also approved plans to "monetise assets of the hospitality segment through its arm Prestige Hospitality Ventures Ltd, by way of issue of shares (through primary or secondary or both)."

All these decisions are subject to approval of shareholders.

For monetisation of hospitality assets, the board has formed a sub-committee to oversee and structure the process.

"The committee is tasked with the responsibility of ensuring compliance with all regulatory requirements, coordinating with advisors and underwriters, and making all necessary