Prestige Estate Projects plans to raise funds by stake sale
Prestige Estate Projects is planning to divest stake across its business verticals in order to raise funds for its expansion, starting with the commercial and retail portfolios. The company plans to use the stake-sale proceeds for future projects, expand the rent-yielding business and reduce debt. Prestige Estate Projects has over 24 million sq ft of leased, under-construction and upcoming office and retail properties, of which 4.36 million sq ft of office and retail properties are under construction. Currently, the company has 65 ongoing residential projects totaling around 70.45 million sq ft, while it has 65 ongoing commercial projects comprising around 56.94 million sq ft. Last year the company had expected its income from retail and commercial properties is to reach Rs 1,700 crore in the next three-four years from Rs 750 crore then. The company had also stated then that it expected the share of its hospitality business to increase from Rs 121 crore to Rs 333 core during the same period.
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