Prestige Estates Projects has acquired 17.45 acres of land in Whitefield, Bengaluru. The cost of acquisition is around Rs 462 crore.
The acquired land will be planned for residential development spanning approximately 2.68 million sq ft of developable area.
It acquired 25% equity stake in K2K Infrastructure India for cash consideration of Rs 7.5 crore, 27% equity stake in Prestige Garden Estates for cash consideration of Rs 214.38 crore, 40% equity stake in Apex Realty Management and 49% equity stake in Prestige Acres for cash consideration of Rs 331 crore. Post this acquisition, they will become wholly-owned subsidiaries of the company.The company also acquired 16% equity stake in Prestige Projects, a subsidiary company, for cash consideration of Rs 494 crore. With this acquisition, the company will hold 76% stake in Prestige Projects from the current 60%.
