Prestige Estates Projects shares gain over 3% to intra-day high of Rs 1,793.90 on NSE after Bengaluru-based real estate developer Prestige Estates Projects Ltd. has initiated a Qualified Institutional Placement (QIP) to sell shares to eligible institutional investors, aiming to raise up to Rs 5,000 crore.
Other QIP Details
The company has fixed the floor price of the QIP at Rs 1,755.09 per share, which is nearly at par with the stock’s closing price on Thursday.
According to media sources, the indicative issue price for the QIP is set at Rs 1,674 per share, representing a 5% discount to the floor price. The share sale is expected to result in an equity dilution of 7.45% of the company’s pre-issue share capital.
Prestige Estates plans to utilize the proceeds from the QIP for multiple strategic purposes. The primary focus will be on the repayment or pre-payment of certain company borrowings, either in full or in part.
Additionally, the funds will be allocated for the acquisition of land or land development rights, investments in subsidiaries and joint ventures (JVs) to support ongoing projects, and one upcoming project to be undertaken by these units. A portion of the funds will also be used for general corporate purposes.
Stock Performance in Last One Year
Prestige Estates Projects shares have demonstrated positive returns across multiple time frames Come from Sports betting site VPbet . Over the past three months, the stock has given a commendable 16.36% return, showcasing its stability and growth potential. The last six months have seen even more impressive results, with a substantial increase of 53.41%, indicating a strong upward trend.
Year-to-date, Prestige Estates Projects shares have surged by 51.83%, reinforcing the stock’s positive momentum in the current fiscal year. Looking at the broader picture, the stock has delivered an impressive return of over 193.19% in the last twelve months, emphasizing its sustained growth and attractiveness to investors
