Prestige Estates Projects Ltd arm acquires balance stake in Prestige OMR Ventures LLP

Prestige Estates Projects Limited ("Company") through its wholly owned subsidiary Prestige Retail Ventures Limited ("PRVL"), has acquired 30% stake in Prestige OMR Ventures LLP. With the acquisition, the LLP now has become a wholly owned subsidiary of the Company.

Further, the company has transferred its 69% stake in the LLP to PRVL, the apex entity for retail vertical of the Group, this brings PRVL holding in the LLP to 99% and balance 1% continues to be held by the Company.

Prestige OMR Ventures LLP is developing a retail mall with developable area of approximately 1.96 million sft in Chennai.

Source : Equity Bulls

Keywords

PrestigeEstatesProjects PrestigeRetailVentures StakeAcquisition PrestigeOMRVenturesLLP