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Acquisition of Stake in WSI Falcon Infra Projects Private Limited

Acquisition of Stake in WSI Falcon Infra Projects Private Limited

Prestige Estates Projects Limited Announces Strategic Investments and Restructuring

Prestige Estates Projects Limited (“the Company”) disclosed three investments and divestments in accordance with Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. These disclosures were submitted to the National Stock Exchange of India Limited and BSE Limited on December 30, 2024, as required by SEBI Listing Regulations and circulars SEBI/HO/CFD/PoD2/CIR/P/2023/120 and SEBI/HO/CFD/CFD-PoD1/P/CIR/2023/123. The Company provided detailed information about each transaction, including the target entity’s background, industry, and the acquisition’s impact.

Here’s a breakdown of the key transactions:

  • Acquisition of Stake in WSI Falcon Infra Projects Private Limited: Prestige Exora Business Parks Limited, a wholly owned subsidiary of the Company, subscribed to 96,079 equity shares of WSI Falcon Infra Projects Private Limited for Rs. 9,60,790, acquiring a 49% equity stake. This strategic investment aims to develop IT/IT-enabled services/parks on 6.53 acres of land in Porur, Chennai.
  • Restructuring of Prestige Realty Ventures: The Company, which held a 99.9% ownership in Prestige Realty Ventures (“PRV”), a partnership firm focused on real estate development, has retired from PRV. Prestige Hospitality Ventures Limited, another wholly owned subsidiary of the Company, has been admitted as a partner in PRV, assuming 99.99% ownership and economic rights. This restructuring involved a cash consideration of approximately Rs. 168.35 crores and ensures continuity in the ownership and management of PRV.
  • Restructuring of Prestige MRG Eco Ventures: Village De Nandi Private Limited, a wholly owned subsidiary of the Company, has retired from its 50% ownership in Prestige MRG Eco Ventures (“Prestige MRG”), another real estate development partnership firm. Prestige Hospitality Ventures Limited has stepped in as a partner, taking over the 50% ownership and economic rights with a cash consideration of roughly Rs. 40.92 crores.

These transactions demonstrate Prestige Estates Projects Limited’s active portfolio management and strategic focus on expanding its presence in the real estate development sector through its subsidiaries. The restructuring of partnerships allows the Company to optimize its holdings and leverage the expertise of its subsidiaries, particularly in the hospitality and IT/IT-enabled services segments.

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