Prestige Estates Projects has raised Rs 5,000 crore by selling equity shares to institutional investors through private placement. The company had on August 29, 2024 launched its Qualified Institutional Placement (QIP) to raise funds.

The fundraising committee of the board approved the allocation of 2,98,68,578 equity shares at an issue price of Rs 1,674 apiece to eligible institutional investors. The issue price was at a discount of 4.62 per cent on the floor price of Rs 1,755.09 per share fixed by the panel.

In July, the company had taken approval of its shareholders to raise capital by way of public or private offerings including through a QIP to eligible investors through an issuance of equity shares or other eligible securities for an amount not exceeding Rs 5,000 crore.

Prestige Estates Projects is engaged in the business of real estate development. The company’s principal products/services include Development and construction of Properties, Leasing of commercial properties and Share of profit /loss from partnership firm.