Curation Team
NEW DELHI: Realty firm Prestige Estates Projects Ltd arm Prestige Hospitality Ventures Ltd on Thursday filed preliminary documents with Sebi to launch its initial public offering (IPO) to raise up to Rs 2,700 crore, according to sources. The company has filed the draft red herring prospectus (DRHP) with markets regulator Sebi.
In a regulatory filing on Thursday, Prestige Estates informed that a hospitality fund raising committee of the board approved the participation in the offer for sale of its subsidiary, Prestige Hospitality Ventures Ltd (PHVL), aggregating up to Rs 1,000 crore.
PHVL, which currently has seven hotels in operation, will raise up to Rs 1,700 crore through fresh issue of equity shares, sources said.
Bengaluru-based Prestige Estates is a leading real estate developer in the country. The company develops housing, office, retail and hotel projects.
