Prestige Estate Schedules Board Meeting To Consider QIP; Shares Drop 4%
The board will also consider the monetisation of assets in the hospitality segment by way of issue of shares
Stock of real estate firm, Prestige Estates dipped nearly 4 per cent in the Wednesday trading session after the company scheduled its board meeting for the approval of qualified institutional placement (QIP) to raise funds.
Prestige Estates stock traded at Rs 1,870 with 3.36 per cent dip in the afternoon session on the National Stock Exchange (NSE).
“Pursuant to Regulation 29(1) (d) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, we wish to inform you that a meeting of the board of directors of Prestige Estates Projects is scheduled to be held on Friday, June 21, 2024,” states Prestige Estates in an exchange filing.
The board meeting is scheduled to consider and approve raising of funds through QIP, preferential issue, rights issue, private placement or any other form of capital raise or method that may be permitted in accordance with the applicable provisions of the Companies Act, 2013.
The board will also consider the monetisation of assets in the hospitality segment by way of issue of shares (through primary or secondary or both) subject to approval of the board, shareholders, market conditions and receipt of applicable approvals, in compliance with applicable laws.
