Prestige Estates Projects jumped 4.97% to Rs 1,809.90 after its board has approved the opening of qualified institutional placement (QIP) of equity shares with the floor price of Rs, 1,755.09 per equity share.
The company's board authorized and declared the opening of the issue on Thursday, 29 August 2024.
The floor price of Rs 1,755.09 is at a premium of 1.79% to the previous day's closing price of Rs 1,724.25 on the BSE.
The company stated that it may offer a discount of not more than 5% on the floor price so calculated for the issue.
Prestige Group, one of the leading real estate developers in the country, has a legacy of over three decades in real estate development. It has diversified business model across various segments, viz residential, office, retail, hospitality, property management and warehouses with operations in more than 13 major locations in India. The Group has completed 300 projects spanning a developable area of approximately 190 million square feet.
The companys consolidated net profit fell 12.85% to Rs 232.6 crore in Q1 FY25 as against Rs 266.9 crore recorded in Q1 FY24. Revenue from operations grew 10.78% year on year (YoY) to Rs 1,862.1 crore in the quarter ended 30 June 2024.
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