Prestige Estates Projects Ltd bags Ariisto through resolution plan at NCLT

Prestige Estates Projects Limited ("Company") have infused an amount of Rs.2,00,000/- (Rupees Two Lakhs only) to acquire 100% stake in Ariisto Developers Private Limited ("Ariisto") on June 23, 2021 for undertaking a realty Project in Mulund Mumbai. The acquisition has been through a resolution plan submitted by the Company in the corporate insolvency resolution process of Ariisto, which was approved by the Committee of Creditors and subsequently by National Company Law Tribunal ("NCLT"), Mumbai Bench vide its order dated March 23, 2021 and shall be completed in terms thereof. On June 23, 2021, the Company has also paid an amount of Rs 370 crores, as the upfront cash as per the terms of the approved resolution plan.

As per the terms of the resolution plan approved by the NCLT Mumbai bench, the Company will pay Rs. 370 crores to the lenders of the Project along with 800,000 sq ft commercial space to be developed as part of the Project. The Project to be undertaken by the Company comprises of a mix of residential and commercial use and has a potential saleable area of approximately 7.5 million square feet.

Shares of PRESTIGE ESTATES PROJECTS LTD. was last trading in BSE at Rs.288.6 as compared to the previous close of Rs. 286.1. The total number of shares traded during the day was 8833 in over 416 trades.

The stock hit an intraday high of Rs. 291.5 and intraday low of 283.35. The net turnover during the day was Rs. 2554514.

Source : Equity Bulls

Keywords