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Prestige Estates Projects Limited — Capital/Financing Update 2024
Oct 23, 2024
62301_rns_2024-10-23_c07e3bba-0533-4450-a634-eb8c8abeb19f.pdf
Capital/Financing Update
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Date: October 23, 2024
To,
The General Manager The Manager Dept. of Corporate Services Dept. of Corporate Services National Stock Exchange of India Limited BSE Limited Bandra Kurla Complex Floor 25, P J Towers Bandra (E) Dalal Street Mumbai-400051 Mumbai – 400 001 NSE Scrip code: PRESTIGE BSE Scrip code: 533274
Dear Sir / Madam,
Sub: Intimation under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
In terms of Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we wish to intimate that Prestige Estates Projects Limited (“ Company ”) has today i.e. October 23, 2024 executed agreements for:
-
Acquiring 25% equity stake in K2K Infrastructure India Private Limited, subsidiary Company. With this acquisition, K2K Infrastructure India Private Limited will become wholly owned subsidiary of the Company.
-
Acquiring 27% equity stake in Prestige Garden Estates Private Limited, subsidiary Company. With this acquisition, Prestige Garden Estates Private Limited will become wholly owned subsidiary of the Company.
-
Acquiring 40% equity stake in Apex Realty Management Private Limited, subsidiary Company. With this acquisition, Apex Realty Management Private Limited will become wholly owned subsidiary of the Company.
-
Acquiring 49% equity stake in Prestige Acres Private Limited, subsidiary Company. With this acquisition, Prestige Acres Private Limited will become wholly owned subsidiary of the Company.
-
Acquiring 16% equity stake in Prestige Projects Private Limited, subsidiary Company. With this acquisition, the Company will hold 76% stake in Prestige Projects Private Limited.
The specific details required to be disclosed in respect of aforesaid transaction under Regulation 30 of the Listing Regulations, read with Schedule III thereto, SEBI Master Circular issued vide circular no. SEBI/HO/CFD/PoD2/CIR/P/2023/120 dated July 11, 2023 and SEBI Circular No. SEBI/HO/CFD/CFDPoD-1/P/CIR/2023/123 dated July 13, 2023, is attached as Annexure – I to this letter.
Prestige Estates Projects Limited , Prestige Falcon Towers, No 19 Brunton Road, Bangalore - 560 025. Phone : +91 80 25591080 Fax : +91 80 25591945 E-mail : [email protected] www.prestigeconstructions.com CIN : L07010KA1997PLC022322
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This is for your information and records.
Thanking you.
Yours faithfully,
For Prestige Estates Projects Limited
IRFAN Digitally signed by IRFAN RAZACK RAZACK Date: 2024.10.23 22:35:22 +05'30' Irfan Razack Chairman and Managing Director DIN: 00209022
Prestige Estates Projects Limited , Prestige Falcon Towers, No 19 Brunton Road, Bangalore - 560 025. Phone : +91 80 25591080 Fax : +91 80 25591945 E-mail : [email protected] www.prestigeconstructions.com CIN : L07010KA1997PLC022322
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Annexure - l.
Information as required under Regulation 30-Para A Schedule III of the Securities and Exchange Board of India (Listing Obligations and Disclosures Requirements) Regulations, 2015 are as follows:
1. Details for acquisition of stake in K2K Infrastructure India Private Limited
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Name of the target entity, details in K2K Infrastructure India Private Limited is a
1. brief such as size, turnover etc. subsidiary of the Company and was
incorporated in the year 2007. It is into
business of Real Estate Construction and
ancillary activities.
Turnover for the year ended March 31, 2024 is
Rs. 4,460.34 million.
Whether the acquisition will fall The target entity falls under the category of a
2. within related party transaction(s) subsidiary company, and is being disclosed as
and whether promoter/ promoter a related party transaction. The additional
group/ group companies have any stake is being acquired at arm’s length basis.
interest in the entity being
acquired? If yes, nature of interest None of the promoter/promoter group /
and details thereof and whether the group companies of the Company have any
same is done at “arm’s length” interest in target entity, except to the extent of
it being a subsidiary of the Company.
Industry to which the entity belongs Real Estate Construction and ancillary
3. to activities.
Objects and effects of acquisition Business reasons and for consolidation of
4. stake in the target entity.
The Company is holding 75% stake in the
target entity and post acquisition, it will
become a wholly owned subsidiary of the
Company.
Brief details of any governmental or Not Applicable
5. regulatory approvals required for
the acquisition
Indicative time period for To be completed by October 31, 2024 or such
6. completion of the acquisition other date as the Company and Seller may
mutually agree.
Consideration Cash consideration against shares
7.
Price at which shares would be Consideration of Rs. 75 million.
8. subscribed
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Prestige Estates Projects Limited , Prestige Falcon Towers, No 19 Brunton Road, Bangalore - 560 025. Phone : +91 80 25591080 Fax : +91 80 25591945 E-mail : [email protected] www.prestigeconstructions.com CIN : L07010KA1997PLC022322
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Percentage of shareholding/ no. of 25% equity shares of K2K Infrastructure India
9. shares acquired Private Limited
Brief background about the entity K2K Infrastructure India Private Limited is a
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| 9. Percentage of shareholding/ no. of shares acquired 25% equity shares of K2K Infrastructure India Private Limited |
9. Percentage of shareholding/ no. of shares acquired 25% equity shares of K2K Infrastructure India Private Limited |
9. Percentage of shareholding/ no. of shares acquired 25% equity shares of K2K Infrastructure India Private Limited |
|---|---|---|
| Brief background about the entity | K2K Infrastructure India Private Limited is a | |
| 10. | acquired in terms of products/line of business acquired, date of incorporation, history of last 3 years turnover, country in which the acquired entity has presence and any other significant information (in brief); |
Private Limited Company incorporated under the Companies Act, 1956 and is into business of Real Estate Construction and ancillary activities. The turnover of K2K Infrastructure India Private Limited for the last three years is given hereinbelow: FY 2023-24: Rs. 4,460.34 million FY 2022-23: Rs. 3,537.73 million FY 2021-22: Rs. 2,588.60 million |
* _Note: While the seller in the transaction is not a related party, out of abundant caution and good governance, the transaction is being disclosed as a related party transaction.**_
2. Details for acquisition of stake in Prestige Garden Estates Private Limited
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Name of the target entity, details in Prestige Garden Estates Private Limited is a
1. brief such as size, turnover etc. subsidiary of the Company and was
incorporated in the year 1996. It is into
business of Real Estate Development.
Turnover for the year ended March 31, 2024 is
Rs. 4,158 million.
The target entity has one completed and one
ongoing residential project with total
developable area of 2.24 mn sft & 2.3 mn sq ft.
respectively.
Whether the acquisition will fall The target entity falls under the category of a
2. within related party transaction(s) subsidiary company, and is being disclosed as
and whether promoter/ promoter a related party transaction. The additional
group/ group companies have any stake is being acquired at arm’s length basis.
interest in the entity being
acquired? If yes, nature of interest None of the promoter/promoter group /
and details thereof and whether the group companies of the Company have any
same is done at “arm’s length” interest in target entity, except to the extent of
it being a subsidiary of the Company.
Industry to which the entity belongs Real Estate Development.
3. to
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Prestige Estates Projects Limited , Prestige Falcon Towers, No 19 Brunton Road, Bangalore - 560 025. Phone : +91 80 25591080 Fax : +91 80 25591945 E-mail : [email protected] www.prestigeconstructions.com CIN : L07010KA1997PLC022322
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| 4. | Objects and effects of acquisition | Business reasons and for consolidation of stake in the target entity. The Company is holding 73% stake in the target entity and post acquisition, it will become a wholly owned subsidiary of the Company. |
|---|---|---|
| 5. | Brief details of any governmental or regulatory approvals required for the acquisition |
Not Applicable |
| 6. | Indicative time period for completion of the acquisition |
To be completed by October 31, 2024 or such other date as the Company and Seller may mutually agree. |
| 7. | Consideration | Cash consideration against shares |
| 8. | Price at which shares would be subscribed |
Consideration of Rs. 2,143.80 million. |
| 9. | Percentage of shareholding/ no. of shares acquired |
27% equity shares of Prestige Garden Estates Private Limited |
| 10. | Brief background about the entity acquired in terms of products/line of business acquired, date of incorporation, history of last 3 years turnover, country in which the acquired entity has presence and any other significant information (in brief); |
Prestige Garden Estates Private Limited is a Private Limited Company incorporated under the Companies Act, 1956 and is into the business of Real Estate Development. The turnover of Prestige Garden Estates Private Limited for the last three years is given hereinbelow: FY 2023-24: Rs. 4,158 million FY 2022-23: Rs. 510.28 million FY 2021-22: Rs. 127.66 million |
* _Note: While the seller in the transaction is not a related party, out of abundant caution and good governance, the transaction is being disclosed as a related party transaction.**_
3. Details for acquisition of stake in Apex Realty Management Private Limited
| 1. | Name of the target entity, details in brief such as size, turnover etc. |
Apex Realty Management Private Limited is a subsidiary of the Company and was incorporated in the year 2018. It is into business of Real Estate Development. Turnover for the year ended March 31, 2024 is Nil. |
|---|---|---|
Prestige Estates Projects Limited , Prestige Falcon Towers, No 19 Brunton Road, Bangalore - 560 025. Phone : +91 80 25591080 Fax : +91 80 25591945 E-mail : [email protected] www.prestigeconstructions.com CIN : L07010KA1997PLC022322
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| 2. | Whether the acquisition will fall within related party transaction(s) and whether promoter/ promoter group/ group companies have any interest in the entity being acquired? If yes, nature of interest and details thereof and whether the same is done at “arm’s length” |
The target entity falls under the category of a subsidiary company, and is being disclosed as a related party transactions*. The additional stake is being acquired at arm’s length basis. None of the promoter/promoter group / group companies of the Company have any interest in target entity, except to the extent of it being a subsidiary of the Company. |
|---|---|---|
| 3. | Industry to which the entity belongs to |
Real Estate Development. |
| 4. | Objects and effects of acquisition | Business reasons and for consolidation of stake in the target entity. The Company is holding 60% stake in the target entity and post-acquisition, it will become a whollyowned subsidiaryof the Company. |
| 5. | Brief details of any governmental or regulatory approvals required for the acquisition |
Not Applicable |
| 6. | Indicative time period for completion of the acquisition |
To be completed by October 31, 2024 or such other date as the Company and Seller may mutually agree. |
| 7. | Consideration | Cash consideration against shares |
| 8. | Price at which shares would be subscribed |
Consideration of Rs. 1.6 million. |
| 9. | Percentage of shareholding/ no. of shares acquired |
40% equity shares of Apex Realty Management Private Limited |
| 10. | Brief background about the entity acquired in terms of products/line of business acquired, date of incorporation, history of last 3 years turnover, country in which the acquired entity has presence and any other significant information (in brief); |
Apex Realty Management Private Limited is a Private Limited Company incorporated under the Companies Act, 2013 and is into the business of Real Estate Development. The turnover of Apex Realty Management Private Limited for the last three years is given hereinbelow: FY 2023-24: Nil FY 2022-23: Rs. 215 million FY 2021-22: 67.44 million |
* _Note: While the seller in the transaction is not a related party, out of abundant caution and good governance, the transaction is being disclosed as a related party transaction.**_
Prestige Estates Projects Limited , Prestige Falcon Towers, No 19 Brunton Road, Bangalore - 560 025. Phone : +91 80 25591080 Fax : +91 80 25591945 E-mail : [email protected] www.prestigeconstructions.com CIN : L07010KA1997PLC022322
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4. Details for acquisition of stake in Prestige Acres Private Limited
| 1. | Name of the target entity, details in brief such as size, turnover etc. |
Prestige Acres Private Limited is a subsidiary of the Company and was incorporated in the year 2021. It is into business of Real Estate Development. Turnover for the year ended March 31, 2024 is Rs. 1,127 million. The target entity alongwith its Subsidiary and JV has following ongoing and upcoming projects: Project Name Segment TDA Mn sft Prestige King’s County Residential 1.52 Prestige Southern star Residential 8.50 Prestige Seascapes Residential 2.73 Galeria Centro @ Seascapes Retail 0.15 Tribute Portfolio @ Seascapes Hospitality 0.15 Villas South Goa Residential 1.68 Project @ Jijamatanagar Residential 5.02 Project @ Jijamatanagar Retail 2.10 Project @ Jijamatanagar Hospitality 0.71 Marigold Phase -II Residential 1.47 |
Prestige Acres Private Limited is a subsidiary of the Company and was incorporated in the year 2021. It is into business of Real Estate Development. Turnover for the year ended March 31, 2024 is Rs. 1,127 million. The target entity alongwith its Subsidiary and JV has following ongoing and upcoming projects: Project Name Segment TDA Mn sft Prestige King’s County Residential 1.52 Prestige Southern star Residential 8.50 Prestige Seascapes Residential 2.73 Galeria Centro @ Seascapes Retail 0.15 Tribute Portfolio @ Seascapes Hospitality 0.15 Villas South Goa Residential 1.68 Project @ Jijamatanagar Residential 5.02 Project @ Jijamatanagar Retail 2.10 Project @ Jijamatanagar Hospitality 0.71 Marigold Phase -II Residential 1.47 |
Prestige Acres Private Limited is a subsidiary of the Company and was incorporated in the year 2021. It is into business of Real Estate Development. Turnover for the year ended March 31, 2024 is Rs. 1,127 million. The target entity alongwith its Subsidiary and JV has following ongoing and upcoming projects: Project Name Segment TDA Mn sft Prestige King’s County Residential 1.52 Prestige Southern star Residential 8.50 Prestige Seascapes Residential 2.73 Galeria Centro @ Seascapes Retail 0.15 Tribute Portfolio @ Seascapes Hospitality 0.15 Villas South Goa Residential 1.68 Project @ Jijamatanagar Residential 5.02 Project @ Jijamatanagar Retail 2.10 Project @ Jijamatanagar Hospitality 0.71 Marigold Phase -II Residential 1.47 |
|
|---|---|---|---|---|---|
| Project Name | Segment | TDA Mn sft |
|||
| Prestige King’s County | Residential | 1.52 | |||
| Prestige Southern star | Residential | 8.50 | |||
| Prestige Seascapes | Residential | 2.73 | |||
| Galeria Centro @ Seascapes |
Retail | 0.15 | |||
| Tribute Portfolio @ Seascapes |
Hospitality | 0.15 | |||
| Villas South Goa | Residential | 1.68 | |||
| Project @ Jijamatanagar |
Residential | 5.02 | |||
| Project @ Jijamatanagar |
Retail | 2.10 | |||
| Project @ Jijamatanagar |
Hospitality | 0.71 | |||
| Marigold Phase -II | Residential | 1.47 | |||
| 2. | Whether the acquisition will fall within related party transaction(s) and whether promoter/ promoter group/ group companies have any interest in the entity being acquired? If yes, nature of interest and details thereof and whether the same is done at “arm’s length” |
The acquisition is a related party transaction. The additional stake is being acquired at arm’s length basis from entity related to the promoters of the Company. |
Prestige Estates Projects Limited , Prestige Falcon Towers, No 19 Brunton Road, Bangalore - 560 025. Phone : +91 80 25591080 Fax : +91 80 25591945 E-mail : [email protected] www.prestigeconstructions.com CIN : L07010KA1997PLC022322
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| 3. | Industry to which the entity belongs to |
Real Estate Development |
|---|---|---|
| 4. | Objects and effects of acquisition |
Business reasons and to consolidate stake in target entity. The Company is holding 51% stake in the target entity and post-acquisition, it will become a wholly owned subsidiary of the Company. |
| 5. | Brief details of any governmental or regulatory approvals required for the acquisition |
Not Applicable |
| 6. | Indicative time period for completion of the acquisition |
To be completed by October 31, 2024 or such other date as the Company and Seller may mutually agree. |
| 7. | Consideration | Cash consideration against shares |
| 8. | Price at which shares would be subscribed |
Consideration of Rs. 3,310 million. |
| 9. | Percentage of shareholding/ no. of shares acquired |
49% equity shares of Prestige Acres Private Limited |
| 10. | Brief background about the entity acquired in terms of products/line of business acquired, date of incorporation, history of last 3 years turnover, country in which the acquired entity has presence and any other significant information (in brief); |
Prestige Acres Private Limited is a Private Limited Company incorporated under the Companies Act, 2013 and is into the business of Real Estate Development. The turnover of Prestige Acres Private Limited for the last three years is given hereinbelow: FY 2023-24: Rs. 1,127 million FY 2022-23: Rs. 137.22 million FY 2021-22: Nil |
5. Details for acquisition of stake in Prestige Projects Private Limited
| 1. | Name of the target entity, details in brief such as size, turnover etc. |
Prestige Projects Private Limited is a subsidiary of the Company and was incorporated in the year 2008. It is into business of Real Estate Development. Turnover for the year ended March 31, 2024 is Rs. 10,804.92 million. The target entityand itsJoint venture has |
|---|---|---|
Prestige Estates Projects Limited , Prestige Falcon Towers, No 19 Brunton Road, Bangalore - 560 025. Phone : +91 80 25591080 Fax : +91 80 25591945 E-mail : [email protected] www.prestigeconstructions.com CIN : L07010KA1997PLC022322
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following ongoing and upcoming projects:
Project Name Segment TDA
Mn sft
The Prestige City Residential
16.04
Sarjapura
Prestige Ocean Residential
1.35
Towers
Prestige Park Grove Residential 9.62
The Prestige City Residential
13.43
Hyderabad
The Prestige City Residential
11.57
Ghaziabad
Prestige Falcon City Residential
4.31
Luxe
Eaton Park @ TPC Residential
0.31
Prestige Imperium Residential 0.18
Prestige Spring Residential
3.18
Heights
Prestige Imperial Residential
2.08
Park
Forum TPC Retail
1.27
Bengaluru
Forum @ The Retail
1.29
Prestige City(Hyd)
Forum Park Grove Retail
0.55
Forum @ Prestige Retail
0.41
Falcon City Lux
Forum @ Budvel Retail
1.76
Marriott-Falcon Hospitality
0.15
City Lux
Hospitality @ Hospitality
0.72
Budvel
Whether the acquisition will fall The acquisition is a related party transaction.
2. within related party transaction(s)
and whether promoter/ promoter The additional stake is being acquired at arm’s
group have any interest in the length basis from entity related to the
transaction promoters of the Company.
Industry to which the entity belongs Real Estate Development.
3. to
Objects and effects of acquisition Business reasons and for consolidation of
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Prestige Estates Projects Limited , Prestige Falcon Towers, No 19 Brunton Road, Bangalore - 560 025. Phone : +91 80 25591080 Fax : +91 80 25591945 E-mail : [email protected] www.prestigeconstructions.com CIN : L07010KA1997PLC022322
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| 4. | stake in the target entity. The Company is holding 60% stake in the target entity and post-acquisition, the Company stake will increase to 76%. |
|
|---|---|---|
| 5. | Brief details of any governmental or regulatoryapprovals required |
Not Applicable |
| 6. | Indicative time period for completion of the acquisition |
To be completed by October 31, 2024 or such other date as the Company and Seller may mutuallyagree. |
| 7. | Nature of consideration | Cash consideration against shares |
| 8. | Price at which shares would be subscribed |
Consideration of Rs. 4,940 million. |
| 9. | Percentage of shareholding/ no. of shares acquired |
16% equity shares of Prestige Projects Private Limited |
| 10. | Brief background about the entity acquired in terms of products/line of business acquired, date of incorporation, history of last 3 years turnover, country in which the acquired entity has presence and any other significant information (in brief); |
Prestige Projects Private Limited is a Private Limited Company incorporated under the Companies Act, 1956 and is into the business of Real Estate Development. The turnover of Prestige Projects Private Limited for the last three years is given hereinbelow: FY 2023-24: Rs. 10,804.92 million FY 2022-23: Rs. 468.02 million FY 2021-22: Rs. 110.60 million |
Prestige Estates Projects Limited , Prestige Falcon Towers, No 19 Brunton Road, Bangalore - 560 025. Phone : +91 80 25591080 Fax : +91 80 25591945 E-mail : [email protected] www.prestigeconstructions.com CIN : L07010KA1997PLC022322