Prestige Estates Projects Limited — Important, 27-12-2024: Agreements

Prestige Estates Projects Limited has entered into a Business Transfer Agreement with its wholly-owned subsidiary, Prestige Hospitality Ventures Limited. This agreement involves the transfer of significant hospitality assets, including the Mulberry Shades Bengaluru Nandi Hills resort and a property associated with the Moxy Outer Ring Road, along with 57.45% equity shares in Prestige Leisure Resorts Private Limited. The total cash consideration for this transaction is ₹3,130 Million.

This move aims to consolidate the company's hospitality assets under a single vertical, enhancing operational efficiencies. For the previous financial year, the transferred business contributed ₹365.10 Million to consolidated turnover, representing 0.38% of the total, while the net investment stood at ₹2,188 Million, accounting for 1.85% of consolidated net worth. The transaction is expected to be completed within 90 days, reinforcing the company's strategic focus in the hospitality sector and is a favorable opportunity for stakeholders to monitor the resultant operational synergies.