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Prestige Estates Projects share price rises 5% intra day after company buys stake in DB Realtors

The stock opened 4.74% higher at Rs 304 on BSE today. The mid cap stock has risen 3.17% in the last 2 days. 


twitter-logo BusinessToday.In        Last Updated: November 19, 2019  | 17:06 IST
Prestige Estates Projects share price rises 5% intra day after company buys stake in DB Realtors

Prestige Estates Projects share price closed higher today after the realty firm said its subsidiary has bought 28.99% stake in DB (BKC) Realtors.

Prestige Estates share price closed 2.45% higher to Rs 297.35 compared to the previous close of Rs 290.25 on BSE. The stock opened 4.74% higher at Rs 304 on BSE today. The mid cap stock has risen 3.17% in the last 2 days. 

Prestige Estates stock has gained  66% in last one year and risen 35% since the beginning of this year.

"Prestige Falcon Realty Ventures Private Limited ("PFRVPL"),wholly owned subsidiary of M/s. Prestige Estates Projects Limited, has acquired 1,32,854 equity shares representing 28.99% (without considering other convertible instruments in the entity) of the equity share capital of DB (BKC) Realtors Private Limited from Trinity Capital (Ten) Limited as per the terms and conditions agreed, " Prestige  Estates said in a communication to bourses.

Prestige Estates Projects Limited is engaged in the business of real estate development. The company's principal products/services include development and construction of properties, leasing of commercial properties and share of profit /loss from partnership firm. The company operates in five segments: Residential, commercial, rRetail, hospitality and real estate services.

By Aseem Thapliyal

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