Prestige Estates acquires further 10% stake in Prestige Sterling Infra for Rs117.57 crore

1 Aug 2022 , 09:19 AM

Prestige Estates Projects Limited informed that it acquired a 10% equity stake in Prestige Sterling Infraprojects Private Limited on July 29, 2022.
With the completion of these acquisitions, the company will hold 90% equity shares in Prestige Sterling Infraprojects.

The said transaction does not fall under related party transactions, stated the company.

Prestige Estates will acquire 2,75,00,000 equity shares aggregating to a 10% stake in Prestige Sterling Infraprojects. The company has agreed to a consideration of Rs117.57 crore, payable in cash.

Prestige Sterling Infraprojects was incorporated in 2007 and is engaged in the business of construction and real estate development. Prestige Sterling Infraprojects owns/right to hold around 35 acres of land at Off Outer Ring Road, Varthur Hobli, Bangalore having a potential developable area of approximately 3.4 million square feet.

Prestige Estates Projects was trading at Rs414.55 up by Rs0.85 or 0.21% from its previous closing of Rs413.70 on the BSE. The scrip opened at Rs416.95 and has touched intraday high and low of Rs417.50 and Rs413.90 respectively.