Monitoring Agency Report for the quarter ended March 31, 2025.
PRESTIGE · price
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Awaiting price reaction for this filing.
Prestige Estates filed the ICRA Limited monitoring report on its QIP issue, which raised Rs. 5,000 Crore gross in August–September 2024, with net proceeds revised to Rs. 4,899.17 Crore due to slightly higher issue-related expenses. As of March 31, 2025, the company has utilized Rs. 4,329.75 Crore (about 86.6%), with Rs. 670.25 Crore still unutilized. Borrowing repayment (Rs. 1,500 Crore) and land acquisition (Rs. 1,000 Crore) are fully deployed, while general corporate purposes (Rs. 1,149.17 Crore) have also been fully used across working capital, land, loan repayment, and dividend. Investment in subsidiaries and joint ventures (Rs. 1,250 Crore earmarked) has only used Rs. 579.75 Crore so far, leaving Rs. 670.25 Crore pending. The unutilized amount is parked in fixed deposits with SBI, HDFC, and ICICI, earning around 5.5% interest. ICRA confirmed no deviation from the stated objects and all project timelines remain on schedule.
This is a routine SEBI compliance filing that confirms QIP funds are being spent as promised with no misuse, which is a positive signal for shareholders. The Rs. 670 Crore still parked in FDs represents near-term deployment capacity for subsidiary projects, and the ~5.5% return on these deposits adds modest incidental income. No immediate price catalyst, but reinforces governance and capital-allocation discipline.