Realty stock engaged in the business of real estate development encompassing the development and construction of properties, in focus following approval by the Board of Directors to raise Rs. 5,000 Crores.
With a market capitalization of Rs. 80,412 Crores, the shares of Prestige Estates Projects Limited were trading at Rs. 2,006 per equity share, up 0.71 percent from its previous day’s close price of Rs. 1,990.70.
The Board of Directors of Prestige Estates Projects Limited has considered and approved Raising funds by way of issuance of equity shares or other eligible securities for an aggregate amount not exceeding Rs. 5,000 Crores by way of qualified institutional placement (QIP) or other permissible mode.
Additionally, it is also going to monetize assets of the Hospitality segment through Prestige Hospitality Ventures Limited, a wholly-owned subsidiary of the Company by way of issuing shares subject to the approval of shareholders, market conditions, and receipt of applicable approvals.
Prestige Estates Projects Limited is engaged in the business of real estate development encompassing the development and construction of properties, leasing of office and retail Properties.
As of Q4FY24, Prestige Estates Projects Limited has completed 150 projects, 37 ongoing projects, and 30 upcoming projects in the residential segment, and in the commercial segment it has completed 125 projects, 12 projects are ongoing and there are 7 upcoming Projects. In the Hospitality sector, it has 3,209 Keys across well-known hotels like JW Marriott, St Regis, and many others.
As of FY24, it generated 58 percent of its sales from Bengaluru, Hyderabad 24 percent, Mumbai 15 percent, Kochi/Calicut 1.2 percent, Chennai 0.7 percent, Goa and Mangalore <1 percent.
Its revenue from operations declined by 17.77 percent from Rs. 2,631.8 Crores in Q4FY23 to Rs. 2,164 Crores in Q4FY24, accompanied by profits of Rs. 505.4 Crores to Rs. 235.9 Crores.
Written by Bharath K.S
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