Prestige Estates Projects has received an approval of the Board to issue 1.34 crore equity shares to Singapore's sovereign wealth fund GIC on preferential basis for Rs 434 crore. GIC held 4.36 per cent stake in the company as on September 30, 2019.
The company's board has approved issue and allotment of 1,34,41,654 equity shares at a price not less than floor price of Rs 323.22 on preferential basis to GAMNAT Pte, which is an affiliate of GIC.
Prestige Estates will take shareholders' approval before allotting these shares to GAMNAT.
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.
