Outcome of board meeting of Prestige Estates Projects

Held on 11 August 2016

Prestige Estates Projects announced that the Board of Directors of the Company at its meeting held on 11 August 2016, inter alia, has discussed the merits and business case for exploring a restructuring exercise of the business of the Prestige Group along streamlined verticals, namely Office, Residential, Retail, Hospitality and Property Management and other Services verticals, to leverage the strengths of each asset class.

In this regard, the Board has constituted a Restructuring Committee comprising of both Independent & Promoter Directors, to evaluate the various options, oversee corporate governance, engage with such relevant intermediaries & advisors and do such other requisite activities as may be required.

These exercises are only exploratory in nature, and any restructuring transaction will only be undertaken based on specific corporate approvals, and any regulatory approvals, that may be required, if any.

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