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.

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

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

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

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

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.