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Prestige Estates acquires Babji Realtors for Rs 364 crore

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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