Prestige Estates Projects acquired 50% equity stake and D B Realty purchased 49% stake of Pandora Projects.
Shares of DB Realty hit an upper circuit of 5% at Rs 17.58 while Prestige Estates Projects rose 1.14% to Rs 288.30.
Prestige Estates Projects paid Rs 50,000 via cash consideration to acquire 50% stake of Pandora Projects. D B Realty paid Rs 49,000 to acquire 49% stake of the company. The transaction completed on 7 January 2021. Incorporated in 2014, Pandora Projects is in the real estate development which is in the initial stages.
With this acquisition, Prestige Estates Projects and D B Realty plan to undertake real estate development on a joint venture basis.
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