Prestige Estates Projects board approves allotment equity shares on preferential basis

Prestige Estates Projects board approved issue and allotment of 13,441,654 equity shares at a price not less than floor price of Rs 323.22 per share

Prestige Estates Projects in an exchange filing after market hours yesterday announced that subject to approval of the members of the Company, the Board has approved to create, offer, issue and allot on preferential basis, 13,441,654 equity shares of face value Rs 10 at a price not less than floor price of Rs.323.22,

The shares will be allotted to GAMNAT Pte Ltd by way of preferential issue.

The board also approved increase in the authorized share capital of the Company and amendments to Clause V of the Memorandum of Association of the Company Issue of Securities to Qualified Institutional Buyers.

Prestige Estates Projects is engaged in the business of real estate development which includes development and construction of properties, leasing of commercial properties and share of profit /loss from partnership firm.

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