Prestige Estates Raises Rs 5,000 Crore Via QIP; Shares Slip
Prestige Estates allotted 2.98 crore shares at Rs 1,674 crore through the QIP, a discount of 4.62% to the floor price.
Prestige Estates Projects Ltd. raised Rs 5,000 crore by selling shares to institutional investors through the qualified institutional placement route. The company allotted 2.98 crore shares at an issue price of Rs 1,674 apiece, a discount of 4.62% to the floor price, according to an exchange filing on Wednesday.
The company did not disclose the names of the investors.
The real estate developer has a portfolio of 108 projects covering 189 million square feet of total developable area across all segments. The company's net profit declined to Rs 307 crore in the quarter ended June, in comparison to Rs 318 crore in the year-ago period.
Shares of Prestige Estates declined as much as 3.3% to Rs 1,806.5. The stock was trading 3.2% lower at Rs 1,808.1 as of 11:45 a.m., compared to 0.15% fall in the NSE Nifty 50 index.
The stock gained 181% in the last 12 months and 50% year-to-date. The relative strength index was at 53.
Sixteen out of 19 analysts tracking the company maintain a 'buy' rating and three suggest a 'sell', according to Bloomberg data. The average 12-month consensus price target implies an upside of 10.4%
