Brigade Enterprises subsidiary partners Prestige Estates Projects; stock ends higher

Mysore Projects and Prestige Estate Projects are the partners in Prestige OMR Ventures LLP in the ratio of 30% and 70% respectively, the company said in the filing.

Oct 21, 2020 04:10 IST India Infoline News Service

Brigade Enterprise
Brigade Enterprises on Tuesday has announced that its wholly-owned subsidiary, Mysore Projects has entered into a limited liability partnership agreement with Prestige Estates Projects in Prestige OMR Ventures LLP.

Mysore Projects and Prestige Estate Projects are the partners in Prestige OMR Ventures LLP in the ratio of 30% and 70% respectively, the company said in the filing.

Mysore Projects contributed Rs12.48cr for the 30% stake in Prestige OMR Ventures LLP, Brigade Enterprises said.

Prestige Estates Projects will hold the remaining 70% stake in the joint venture. The partnership will undertake real estate development on a joint venture basis, it added.

Shares of Brigade Enterprises Ltd ended at Rs179.95 up by Rs8.2 or 4.77% from its previous closing of Rs171.75 on the BSE.

The scrip opened at Rs173 and has touched a high and low of Rs188.10 and Rs168.45 respectively. 

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