On Thursday, Prestige Estates Projects Ltd, through its subsidiary Prestige Hospitality Ventures Ltd, submitted initial documents to the Securities and Exchange Board of India (Sebi) for an initial public offering (IPO) aimed at raising up to Rs 2,700 crore, as reported by sources.
The company has presented the draft red herring prospectus (DRHP) to the market regulator Sebi. In a regulatory announcement on the same day, Prestige Estates disclosed that its board’s hospitality fundraising committee has sanctioned participation in the offer for sale of its subsidiary, Prestige Hospitality Ventures Ltd (PHVL), which could amount to Rs 1,000 crore. PHVL, which currently operates seven hotels, is expected to generate up to Rs 1,700 crore through the issuance of new equity shares, according to sources. Based in Bengaluru, Prestige Estates is a prominent real estate developer in India, engaged in the development of residential, commercial, retail, and hospitality projects.
