prestige estates qip: Prestige Estates board approves Rs 5,000 crore fundraising plan via QIP or other modes

Estimated read time 6 min read
Prestige Estates Projects’ board of directors on Friday approved a Rs 5,000 crore fundraising plan via the issuance of equity shares through the qualified institutional placement (QIP) or other permissible modes.

The funds will be raised in one or more tranches, the company said in its filing to the exchanges.

The company plans to monetise assets of the hospitality segment through Prestige Hospitality Ventures Limited, which is a wholly-owned subsidiary of the company, by way of issue of shares (through primary or secondary markets or both).

The board has also formed a sub-committee to oversee and structure the process. The committee has been tasked with the responsibility of ensuring compliance with all regulatory requirements, coordinating with advisors and underwriters, and making all necessary arrangements, the filing said.

The announcement was made after market hours and the stock on Friday ended at Rs 1,995, down by Rs 18.80 or 0.93%.The stock has had a robust rally over the last one year as Prestige Estates shares have delivered returns of 246% in the said period. Its returns are twice those given by the Nifty Realty index. The latter’s returns stand at 120% in a 1-year period.It is currently trading above its 50-day and 200-day simple moving averages (SMAs) of Rs 1,549 and Rs 1,139, respectively, according to data from Trendlyne.While the rally has been strong, this stock has not been without its share of volatility. Its 1-year beta stands at 1.2.

The rally has taken the stock into a strongly overbought zone with the day’s MFI reported by Trendlyne at 81. Another momentum indicator RSI is moving towards the level of 70, which is considered overbought in technical parlance.

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