Prestige Estates Projects Ltd (NSE: PRESTIGE): The QIP of the real estate sector company Prestige Estates Projects Ltd has been launched. The company has sent information about this to the stock market on Thursday.
According to the company, the Fund Raising Committee of the Board met on 29 August in approval has been given to launch the issue. Through this QIP, the company can raise Rs 5000 crore.
The stock has seen a rise in the last trading session and the stock has closed at the level of 1724 with a gain of more than half a percent.
What Information Has The Company Given?
A meeting of the Fund Raising Committee of the Board was held on 29 August 2024 in which approval was given to launch the issue.
In the information sent to the stock market, the company said that The approval got from the board meeting held on June 21 and the proposal was passed in the voting done by the shareholders on July 27.
Along with this, a floor price of Rs 1755.09 per equity share was also approved for the issue. According to the company, it can also offer a discount on the floor price which will not be more than 5 percent.
If sources are to be believed, the indicative price for the issue can be Rs 1674 per share which is at a discount of about 3 percent compared to the previous closing price.
Through QIK, the company can offer 7.45 percent of the pre-issue share capital.
Where Will The Money Be Used?
According to the source, the money received through QIP will be used to pay full or partial repayment of some loans taken by the company and some of its subsidiaries.
Along with this, some money will also be used to acquire land or to acquire the rights to develop the land.
At the same time, investments will also be made in these subsidiaries and joint ventures for some ongoing projects of subsidiaries and joint ventures and a project to be launched.
Quick Fact
Prestige Estates Projects
| Company name | Prestige Estates Projects |
|---|---|
| Event | QIP Launch |
| Date of Board Approval | August 29, 2024 |
| Fund Raising Amount | ₹5000 Crore |
| Floor Price | ₹1755 |
| Possible Indicative Price | ₹1674 |
| Possible Discount on Floor Price | Up to 5% |
| Pre-Issue Share Capital Offered | 7.45% |
| Use of Funds | Loan repayment, land acquisition, investments in subsidiaries and joint ventures |
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