India's Prestige Estates Projects rises on approving issue of shares at premium

Prestige Estates Projects

30/08/2024 07:44

** Shares of Prestige Estates Projects  PREG.NS  climb as
much as 6.9% to 1,845 rupees; last up 5.4% 
    ** The real estate firm approved a qualified institutional
placement (QIP) to raise funds at a floor price of 1,755.09
rupees apiece
    ** Floor price at 1.7% premium on last close 
    ** Co to raise 50 bln rupees (about $596 mln) via QIP, it
said in June 
    ** Stock eyes busiest trading session since late-Feb.,
volumes at 3.2x the 30-day avg 
    ** Analysts' avg rating on stock is "Buy", median PT is
1,940 rupees, per LSEG data 
    ** At current price, stock is up 8.6% this week, after
nearly 8% loss last week 


($1 = 83.8620 Indian rupees)

 (Reporting by Manvi Pant in Bengaluru)
 ((Manvi.Pant@thomsonreuters.com; +918447554364;))