The funds will be raised in one or more phases, the company said in its filing to the exchanges.
The Company plans to monetize the assets of the Hospitality segment through Prestige Hospitality Ventures Limited, a wholly owned subsidiary of the Company, by issuing shares (through the primary or secondary markets or both).
The board has also constituted a sub-committee to oversee and structure the process. The committee is tasked with ensuring compliance with all regulatory requirements, coordinating with advisors and underwriters and making all necessary arrangements, the filing said.
The announcement was made after market hours and the stock on Friday traded at Rs. 18.80 or 0.93% down to Rs. ended at 1,995.
Shares of Prestige Estates have seen a strong rally over the past one year as shares have returned 246% over the period. Its returns are double that of the Nifty Realty Index. The latter has a return of 120% over a 1-year period.
It is currently trading above its 50-day and 200-day simple moving averages (SMA) of Rs. 1,549 and Rs. 1,139, according to data from Trendlyne.
While the rally has been strong, this stock has not been without its share of volatility. Its 1-year beta is 1.2.
The rally has taken the stock firmly into the overbought zone with the intraday MFI reported at 81 by Trendline. Another momentum indicator RSI is moving towards the 70 level, which is considered overbought in technical parlance.
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