With QIP, Prestige Estates Hopes To Raise Up To Rs 5,000 Crore

Following the launch of QIP, Prestige Estates' stock increased by almost 3% at the opening bell on August 30.

[{"selector":"#anim-9e712e70-f49d-4b46-8f4a-547642e411b7","keyframes":{"transform":["translate3d(-103.08483%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1000,"easing":"cubic-bezier(.2, 0, .8, 1)","fill":"both"}] [{"selector":"#anim-c695bda8-314c-4c01-b614-230c7bf3751a","keyframes":{"transform":["rotateZ(-180deg)","rotateZ(0deg)"]},"delay":0,"duration":1000,"easing":"cubic-bezier(.2, 0, .5, 1)","fill":"forwards"}]

The stock has increased by 50.25 percent in the last six months, coinciding with the launch of QIP.

[{"selector":"#anim-ec378898-8eee-461e-8846-638a90269bba","keyframes":{"transform":["translate3d(-106.61157%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1000,"easing":"cubic-bezier(.2, 0, .8, 1)","fill":"both"}] [{"selector":"#anim-e75a837b-e5b1-4f96-9a05-bd1382e1827e","keyframes":{"transform":["rotateZ(-180deg)","rotateZ(0deg)"]},"delay":0,"duration":1000,"easing":"cubic-bezier(.2, 0, .5, 1)","fill":"forwards"}]

In July, the firm received clearance from shareholders for raising capital through public or private offerings, including a QIP.

[{"selector":"#anim-9679af4c-4ce1-40ec-ab4a-f72023651630","keyframes":{"transform":["translate3d(-103.52304%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1000,"easing":"cubic-bezier(.2, 0, .8, 1)","fill":"both"}] [{"selector":"#anim-d23058c9-f5b4-4988-a380-2090175d438f","keyframes":{"transform":["rotateZ(-180deg)","rotateZ(0deg)"]},"delay":0,"duration":1000,"easing":"cubic-bezier(.2, 0, .5, 1)","fill":"forwards"}]

7.45% of the pre-issue share capital may be diluted in equity as a result of the share sale.

[{"selector":"#anim-1a03827c-1fc6-473b-82d1-4d26e4576b19","keyframes":{"transform":["translate3d(-108.73239%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1000,"easing":"cubic-bezier(.2, 0, .8, 1)","fill":"both"}] [{"selector":"#anim-94b82193-8c85-4cc6-a9f4-6772aea7ba55","keyframes":{"transform":["rotateZ(-180deg)","rotateZ(0deg)"]},"delay":0,"duration":1000,"easing":"cubic-bezier(.2, 0, .5, 1)","fill":"forwards"}]

The company is also monetizing hospitality assets through Prestige Hospitality Ventures.

[{"selector":"#anim-b9c7fe70-6068-43b7-a732-7fced74e7a78","keyframes":{"transform":["translate3d(-106.88705%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1000,"easing":"cubic-bezier(.2, 0, .8, 1)","fill":"both"}] [{"selector":"#anim-788a55e6-b278-4c92-9a0d-c9c819f7f26d","keyframes":{"transform":["rotateZ(-180deg)","rotateZ(0deg)"]},"delay":0,"duration":1000,"easing":"cubic-bezier(.2, 0, .5, 1)","fill":"forwards"}]

With these proceeds, Prestige intends to pay down or prepay a portion of the company's debt in addition to using the money to buy property or the right to develop it.

[{"selector":"#anim-42f14c7d-976b-42b8-9b55-125e8329db85","keyframes":{"transform":["translate3d(-103.26633%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1000,"easing":"cubic-bezier(.2, 0, .8, 1)","fill":"both"}] [{"selector":"#anim-e41a6e7e-0d33-45e5-bc68-3fb4f900662b","keyframes":{"transform":["rotateZ(-180deg)","rotateZ(0deg)"]},"delay":0,"duration":1000,"easing":"cubic-bezier(.2, 0, .5, 1)","fill":"forwards"}]