Prestige Estates share price closed higher today amid a report that US-based private equity firm Blackstone was set to buy the firm's rental income assets assets for Rs 12,745 crore.
Share price of Prestige Estates ended 8.77% higher at Rs 244.45 against previous close of Rs 224.75 on BSE. Prestige Estates stock has gained 41.51% in the last 10 days. The stock opened with a gain of 2.34% today.
The share touched an intraday high of Rs 249.9, rising 11.19%. The share stands higher than 5 day, 20 day, 50 day and 100 day moving averages but lower than 200 day moving averages.
The share has lost 14% in one year and fallen 27.65% since the beginning of this year. In one month, the share has gained 25.81%.
According to a report in The Economic Times, Blackstone and Prestige deal involves ready, income-producing and under-construction properties in key cities of south India, including Bengaluru, Chennai and Mysore.
Both BSE and NSE have asked for clarification from Prestige Estates with reference to the report. The ET report said if the deal goes through, Prestige is expected to use the money to repay all of its debt and deploy the rest as equity capital for growth.
Prestige Estates Projects is a leading real estate development companies with projects in residential office retail and hospitality segment. Its operations are spread across South India, Pune Goa and Ahmedabad.