Prestige Estates Projects has executed agreement for acquiring 39% equity stake in Prestige Falcon Mumbai Realty (target entity), subsidiary Company. With this acquisition, the company will hold 90% stake in Prestige Falcon Mumbai Realty. The additional stake is being acquired at arm’s length basis from Pinnacle Investments related to the promoters of the company. The company is holding 51% stake in the target entity and post this acquisition, it will hold 90% stake in Prestige Falcon Mumbai Realty. Cost of acquisition is Rs 189 crore.
Prestige Estates Projects is the flagship company of the Prestige Group. 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.
