Prestige Estates Projects Limited — Important, 03-02-2025: Agreements

Prestige Estates Projects Limited has executed agreements to acquire significant equity stakes in its subsidiaries. The company is set to increase its ownership in Prestige Falcon Mumbai Realty Private Limited from 51% to 90% by acquiring an additional 39% equity stake for a cash consideration of Rs. 1,890 million. This subsidiary focuses on real estate construction, with a turnover of Rs. 29.768 million for the year ended March 31, 2024.

Additionally, Prestige Hospitality Ventures Limited, a wholly-owned subsidiary, will acquire 42.55% equity in Prestige Leisure Resorts Private Limited for Rs. 982.990 million. This transaction will convert Prestige Leisure Resorts into a wholly-owned step-down subsidiary. This entity operates in hospitality real estate development, with a turnover of Rs. 461.279 million for the year ended March 31, 2024. Both acquisitions are expected to be completed by February 28, 2025, and signal a strategic consolidation in the company’s portfolio, presenting a positive outlook for potential growth.