Prestige Estates said on Friday that its board of directors has approved a proposal to raise Rs 5,000 crore through QIP (qualified institutional placement).
In a regulatory filing, the Bengaluru-based real estate developer said the board has 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” by way of QIP or other permissible mode.
Prestige Estates also said its board has approved a proposal to monetise assets of the hospitality segment through Prestige Hospitality Ventures, a wholly owned subsidiary of the company. This will be done by way of issue of shares (primary or secondary or both) subject to approvals.
“The board has formed a sub-committee to oversee and structure the process. The committee is tasked with the responsibility of ensuring compliance with all regulatory requirements, coordinating with advisors and underwriters, and making all necessary arrangements,” it added.