Prestige Estates Projects Ltd signs non-binding LoI with The Blackstone Group, Inc

Prestige Estates Projects Limited ("Company") has signed a non-binding letter of intent ("Letter") with certain entities, acting on behalf of funds controlled, managed and/or advised by The Blackstone Group, Inc. (collectively, "Blackstone"), which is a global private equity investor, for the sale of certain of the Company's direct and indirect interest in certain commercial offices, retail and hotel properties, mall management and identified maintenance businesses. Pursuant to the terms of the Letter, the Company has provided to Blackstone, exclusivity in relation to the transactions contemplated in the Letter ("Transactions"). The Transactions will be consummated through a combination of primary investments, secondary transactions (share purchase / business transfers), partnerships / joint ventures or such other modes, as may be mutually agreed between the parties.

The consummation of the Transactions will be subject to completion of due diligence, finalization of the transaction structure, negotiation and execution of the definitive documents, satisfaction of the conditions precedent in such definitive documents and receipt of approvals, if any required.

Shares of PRESTIGE ESTATES PROJECTS LTD. was last trading in BSE at Rs.260.5 as compared to the previous close of Rs. 247.6. The total number of shares traded during the day was 26038 in over 1095 trades.

The stock hit an intraday high of Rs. 263 and intraday low of 246.1. The net turnover during the day was Rs. 6597244.

Source : Equity Bulls

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