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Prestige Estates to raise up to ₹5,000 cr via QIP for hotels business

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Prestige Estates Projects Ltd, a real estate developer based in Bengaluru, plans to raise up to ₹5,000 crore through a qualified institutional placement (QIP) of shares. The company's board has also approved a plan to monetize assets of its hospitality subsidiary, Prestige Hospitality Ventures Ltd. The decisions are subject to shareholder approval, market conditions, and applicable approvals. Prestige Estates has a strong presence in the hospitality sector and recently signed an agreement with Marriott International to develop six hotel projects in India. Additionally, the company achieved its highest-ever residential sales in 2023-24.

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