Prestige Estates Projects’ wholly owned subsidiary -- Prestige Retail Ventures (PRVL) has acquired 30% stake in Prestige OMR Ventures. With the acquisition, the Prestige OMR Ventures now has become a wholly owned subsidiary of the Company.
Further, the company has transferred its 69% stake in the Prestige OMR Ventures to PRVL, the apex entity for retail vertical of the Group, this brings PRVL holding in the Prestige OMR Ventures to 99% and balance 1% continues to be held by the Company. Prestige OMR Ventures is developing a retail mall with developable area of approximately 1.96 million sft in Chennai. Cash consideration paid through Banking channel.
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.
