Prestige Estates Projects has acquired 100% equity stake in its step down subsidiary -- Prestige Falcon Realty Ventures from its direct subsidiary Prestige Retail Ventures. Before acquisition, Prestige Retail Ventures, a wholly owned subsidiary of the Company, was holding 100% equity stake in Prestige Falcon Realty Ventures.
The transaction is in the ordinary course of business and has been completed at an arms’ length basis for a cash consideration of Rs 10 lakh.
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.
