Prestige Hospitality Ventures has received the Securities and Exchange Board of India’s (SEBI's) approval to raise Rs 2700 crore through an initial public offering (IPO).
The IPO comprises fresh issue of equity shares of face value of Rs 5 each aggregating up to Rs 1,700 crore and an offer-for-sale (OFS) of equity shares aggregating up to Rs 1,000 crore. The OFS comprises equity shares by promoter Prestige Estates Projects.
Bengaluru-based Prestige Estates is one of the leading real estate developers in the country. The company develops housing, office, retail and hotel projects.
