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Published on 3/10/2022 1:26:55 PM | Source: Accord Fintech

Prestige Estates Projects rises as its arm acquires 30% stake in Prestige OMR Ventures

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Prestige Estates Projects is currently trading at Rs. 450.50, up by 0.85 points or 0.19% from its previous closing of Rs. 449.65 on the BSE.

The scrip opened at Rs. 460.85 and has touched a high and low of Rs. 460.85 and Rs. 445.90 respectively. So far 22105 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 553.40 on 18-Jan-2022 and a 52 week low of Rs. 375.00 on 05-Jul-2022.

Last one week high and low of the scrip stood at Rs. 460.85 and Rs. 417.80 respectively. The current market cap of the company is Rs. 18058.82 crore.

The promoters holding in the company stood at 65.48%, while Institutions and Non-Institutions held 31.32% and 3.20% respectively.
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.