Prestige Estates surges 8% on acquisition of stake in group company

The stock was 8% to Rs 324 on the BSE in noon deal after the company announced that it will acquire 66.66% stake in a group company, Prestige Projects, for Rs 324 crore.

Prestige Estates Projects has moved higher by 8% to Rs 324 on the BSE in noon deal after the company announced that it will acquire 66.66% stake in a group company, Prestige Projects, for Rs 324 crore.

Prestige Estates Projects currently holds 33.34% stake in Prestige Projects (PPPL), an associate of the company. PPPL is in the business of real estate development and owns a land parcel admeasuring over 180 acres located in Sarjapur road, Bengaluru.

The company is proposing to develop a large scale affordable and mid income housing project (approximately over 7.5 million square feet of