Realty firm Prestige Estates launches QIP to raise up to Rs 5,000 crore

Realty firm Prestige Estates Projects Ltd plans to raise up to Rs 5,000 crore by selling equity shares to institutional investors through private placement.

The company on Thursday launched its Qualified Institutional Placement (QIP).

A fundraising committee of the board approved the floor price for the QIP issue at Rs 1,755.09 per equity share.

In July, the company had taken approval of its shareholders to raise capital by way of public or private offerings including through a QIP to eligible investors through an issuance of equity shares or other eligible securities for an amount not exceeding Rs 5,000 crore.

Bengaluru-based Prestige Estates is one of the leading developers in the country, with a significant presence in the South India market.

The company has entered Mumbai and Delhi-NCR markets as well.

Recently, Prestige Estates Projects reported a 13 per cent decline in its consolidated net profit to Rs 232.6 crore in the June 2024 quarter on higher expenses.

Its net profit