India's Prestige Estates rises on $240 mln deal with ADIA, Kotak AIF

Prestige Estates Projects

01/04/2024 05:45

** Shares of real estate developer Prestige Estates Projects
 PREG.NS  rise as much as 4.7% to 1,225 rupees, highest level
since March 7
    ** Prestige Group says it entered a 20.02 billion rupees
($240.2 million) deal with Abu Dhabi Investment Authority (ADIA)
and Kotak AIF 
    ** Deal to develop residential projects in locations across
Bengaluru, Mumbai, Goa and National Capital Region
    ** Average analyst rating on stock at "Buy", with 5 analysts
giving a "Strong Buy" rating - LSEG data
    ** Median PT is at 1,300 rupees, a premium of ~6% to the
day's high - LSEG data
    ** Stock has gained ~2.6% so far this year vs a 16.4% climb
in the Nifty Realty Index  .NIFTYREAL   



($1 = 83.3640 Indian rupees)

 (Reporting by Anisha Ajith in Bengaluru)
 ((anisha.ajith@thomsonreuters.com))