Prestige Estates Projects to sell stake in Prestige RMZ Star Tech

Prestige Estates Projects Limited ("Company") has signed definitive documents ("Definitive Documents") with CPP Investment Board Private Holdings (4) Inc., an affiliate of Canada Pension Plan Investment Board for investing in, and / or acquiring entire 51% of the rights and interest held by the Company in Prestige RMZ Star Tech ("Target Asset") - Commercial project viz., Prestige RMZ Star Tech situated at Municipal No.140, Koramangala, Industrial Area, Bengaluru.

The total enterprise value forming part of the aforesaid transactions is approximately INR 19,000 Million (Rupees Nineteen Thousand Million).

The Proposed Transaction contemplated in the Definitive Documents will be consummated through a combination of primary and secondary investment.

The Company realizes the growth potential that exists in the market. Hence, to maximize the value to the shareholders, it is important to unlock the value of the core assets and redeploy the capital in new projects for business expansion and tap the existing growth potential.

Shares of Prestige Estates Projects Limited was last trading in BSE at Rs. 453.85 as compared to the previous close of Rs. 441.10. The total number of shares traded during the day was 42560 in over 1785 trades.

The stock hit an intraday high of Rs. 456.70 and intraday low of 428.00. The net turnover during the day was Rs. 19009386.00.

Source : Equity Bulls

Keywords

PrestigeEstatesProjects INE811K01011 StakeSale RMZStarTech CPPInvestmentBoardPrivateHoldings