Prestige Estate Projects through a wholly owned special purpose vehicle (SPV) is in the process of acquisition of 66.66% equity stake in Prestige Projects (PPPL), from the Investors and Land owners for a consideration of approximately Rs 324 crore. The acquisition is expected to be completed before January 31, 2018. The transaction is in the ordinary course of business and is being done at arm’s length. The above said proposal is being mooted for business reasons.
PPPL is in the business of real estate development and owns a land parcel admeasuring over 180 acres located in Sarjapur road, Bengaluru. The company is proposing to develop a large scale affordable and mid income housing project (approx. over 7.5 million square feet of developable area) comprising of Apartments, Villas and Plots along with various lifestyle amenities and necessary social infrastructure such as Retail shopping Malls, Sports facilities etc. in this land.
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.