Prestige Estates up 10% as arm acquires 50% stake in Lokhandwala DB Realty

Prestige Falcon Realty Ventures has invested in Lokhandwala DB Realty LLP by way of capital account contribution and has been admitted as partner of the LLP with 50 per cent economic & voting rights.

Shares of Prestige Estates Projects moved higher by 10 per cent to Rs 413 on the BSE on Monday, in an otherwise weak market, after the company's wholly owned subsidiary acquired 50 per cent stake in Lokhandwala DB Realty LLP. The stock of the Bengaluru-based real estate developer was trading at its all-time high level.

“Prestige Falcon Realty Ventures -- wholly owned subsidiary of Prestige Estates Projects -- has invested in Lokhandwala DB Realty LLP by way of capital account contribution and has been admitted as partner of the LLP with 50 per cent economic and voting rights,” the company