Prestige Estates raises Rs 900 crore through institutional placement

Bengaluru-based real estate developer Prestige Estates has raised Rs 900 crore through a qualified institutional placement (QIP). The company’s fund-raising committee met on Tuesday to approve the issue price for the shares to be allotted to qualified institutional buyers. As part of the QIP, Rs 436 crore worth shares are being allotted on a preferential basis to Singapore’s sovereign wealth fund GIC at Rs 325 a share. Various investors from the United States and Singapore, and domestic mutual funds, have subscribed to the rest — Rs 464 crore worth shares — at Rs 372 a share.