On Monday, shares of the real estate business Prestige Estates saw an intraday high of Rs 2,040.85 per share, witnessing an up as much as 2.51%. This increased was seen following Prestige Estates' announcement that its board had approved funding up to Rs 5,000 crore through qualified institutional placement (QIP), the share price increased.
Prestige Estates stated in an exchange filing that, "Together with the approval of the relevant authorities, the Board of Directors of the Company has considered and approved raising of funds by way of issuance of equity shares or other eligible securities for an aggregate amount not exceeding Rs. 5,000 crore (Rupees Five Thousand Crores only) through qualified institutional placement (QIP) or other permissible mode in accordance with the applicable laws, subject to the receipt of the necessary approvals as may be required."
By offering stocks or equity convertible securities to eligible institutional purchasers, listed firms can raise capital through the Qualified Institutional Placement (QIP) process. Through this private placement technique, businesses may obtain capital without having to go through the burdensome paperwork associated with an IPO or lose control of their management share.
Prestige Estates stated in an exchange filing that, "Together with the approval of the relevant authorities, the Board of Directors of the Company has considered and approved raising of funds by way of issuance of equity shares or other eligible securities for an aggregate amount not exceeding Rs. 5,000 crore (Rupees Five Thousand Crores only) through qualified institutional placement (QIP) or other permissible mode in accordance with the applicable laws, subject to the receipt of the necessary approvals as may be required."
By offering stocks or equity convertible securities to eligible institutional purchasers, listed firms can raise capital through the Qualified Institutional Placement (QIP) process. Through this private placement technique, businesses may obtain capital without having to go through the burdensome paperwork associated with an IPO or lose control of their management share. The company's projects include built-to-suit facilities, technological parks, corporate offices, and special economic zones (SEZs). Residential developments include apartments, villas, planned complexes, and integrated townships. Along with retail complexes like malls, it also specializes in hospitality projects including hotels, resorts, and serviced lodgings.
Furthermore, Prestige Estates Projects Ltd offers a wide range of real estate services, including mall management, operations for hotel projects, fit-out services, property management, subleasing, and project and construction management.
The Bombay Stock Exchange (BSE) claims that Prestige Estates has a market capitalization of Rs 80,881.86 crore. The stock has reached a 52-week high of Rs 2,050.95 per share and a 52-week low of Rs 521 per share. Prestige Estates' shares were up 1.36 percent at Rs 2,017.70 at 1:53 PM. In contrast, the BSE Sensex was up 0.20 percent at 77,363.26 points in trade.
