Prestige Estates soars after acquiring 50% stake in Lokhandwala DB Realty

Prestige Estates Projects jumped 10.62% to Rs 414.20 after the company said its subsidiary acquired 50% stake in Lokhandwala DB Realty LLP.

Bengaluru-based realty firm Prestige Estate Projects on Sunday said that its subsidiary, Prestige Falcon Realty Ventures has acquired a 50% stake in Lokhandwala DB Realty.

Prestige Falcon Realty Ventures, a wholly-owned subsidiary of Prestige Estates Projects, has invested in Lokhandwala DB Realty LLP by way of capital account contribution and admitted as a partner of the LLP with 50% economic and voting rights, the company said in a regulatory filing.

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.

On a consolidated basis, the property development company reported 53.8% jump in net profit to Rs 157.20 crore on a 48.1% increase in net sales to Rs 1922.90 crore in Q2 September 2019 over Q2 September 2018.

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