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16-Apr2019

Prestige Estates gains on acquiring Babji Realtors for Rs 364 crore

Prestige Estates Projects is currently trading at Rs. 279.60, up by 4.55 points or 1.65% from its previous closing of Rs. 275.05 on the BSE.

The scrip opened at Rs. 280.00 and has touched a high and low of Rs. 283.50 and Rs. 278.50 respectively. So far 5588 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 310.00 on 24-Apr-2018 and a 52 week low of Rs. 163.75 on 11-Oct-2018.

Last one week high and low of the scrip stood at Rs. 283.50 and Rs. 263.55 respectively. The current market cap of the company is Rs. 10492.50 crore.

The promoters holding in the company stood at 70.00%, while Institutions and Non-Institutions held 28.75% and 1.25% respectively.

Prestige Estates Projects (PEPL) through its wholly owned subsidiary -- Prestige Retail Ventures (PRVL) has acquired the balance 51% stake of Babji Realtors. In view of this acquisition, the target entity has become the indirect wholly owned subsidiary of PEPL. The transaction is in the ordinary course of business and has been completed at an arms' length basis for a cash consideration of Rs 363.98 crore.

Earlier, the company through its wholly owned subsidiary -- PRVL owned 49% stake in the equity shares of the Babji Realtors and the remaining 51% was held by the various JV partners/ shareholders. Babji Realtors is in the business of real estate development including developing and leasing of shopping mall. The target entity is the owner of Forum Sujana Mall in Hyderabad.

Prestige Estates Projects is engaged in the business of real estate development. The company's principal products/services include Development and construction of Properties, Leasing of commercial properties and Share of profit /loss from partnership firm.


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