Prestige Estates board meet on June 21 to consider raising funds via QIP, shares drop 5%

The company informed the exchanges on June 18 that its Board of Directors will deliberate upon raising funds through multiple routes. The Board, at the meeting scheduled on June 21, will consider and approve a fundraising proposal through QIP, preferential issue, rights issue or private placement.

The Board will also consider the monetisation of assets in the Hospitality segment of its business through the issue of shares through primary or secondary market. This will be subjected to approval of the shareholders and market conditions, according to the release.

Prestige Estates consolidated revenue from operations for the March quarter of FY24 fell nearly 18% to ₹2,164 crore from ₹2631.8 crore in the same quarter of the preceding fiscal. The company’s revenue from operations for the March quarter surged over 20% sequentially from ₹1,795.8 crore in the December quarter. The company’s revenue from operations for FY24 decreased over 5% to ₹7,877.1 crore against ₹8,315 crore in the preceding fiscal.

The real estate company’s net profit for the March quarter of FY24 declined over 53% to ₹235.9 crore compared to ₹505.4 crore in the preceding fiscal. Prestige Estates’ net profit for the March quarter surged 43% from ₹164.7 crore in the quarter ended December 2023. Prestige Estates’ net profit for FY24 grew nearly 53% to ₹1,628.7 crore compared to ₹1,066.8 crore in the preceding year.

Prestige Estates shares were trading 3.11% lower at ₹1,874.9 apiece on the NSE at 11:09 am.