Prestige Estates Projects Limited signs term sheet for identified assets

Prestige Estates Projects Limited ("Company") has signed a term sheet ("Term Sheet") with BREP Asia II Indian Holding Co IX (NQ) Pte. Ltd; BREP Asia II Indian Holding Co VII (NQ) Pte. Ltd; BREP Asia II Indian Holding Co III (NQ) Pte. Ltd (collectively, "BREP Acquirers") for investment in, or the acquisition of interest in, identified assets of the Company and / or its subsidiaries (including of identified office assets, retail assets, hotels assets and management / maintenance assets) in such manner as is detailed thereunder (such transactions being "Proposed Transactions").

As part of the Proposed Transactions, the Company today executed the asset specific agreements with "BREP Acquirers" ("Definitive Documents") for sale of twelve assets / undertakings comprising of completed retail, office and hotel assets as Phase I of the "Proposed Transaction".

Shares of PRESTIGE ESTATES PROJECTS LTD. was last trading in BSE at Rs.303.55 as compared to the previous close of Rs. 298.4. The total number of shares traded during the day was 45624 in over 778 trades.

The stock hit an intraday high of Rs. 307.55 and intraday low of 298.5. The net turnover during the day was Rs. 13869336.

Source : Equity Bulls

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