Monitoring Agency Report for the quarter ended March 31, 2026.
PRESTIGE · price
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Prestige Estates Projects submitted its Q4 FY2026 monitoring agency report for a Rs. 5,000 crore Qualified Institutions Placement (QIP) completed in August-September 2024. ICRA Limited, the monitoring agency, confirmed no material deviation in the utilization of issue proceeds. Of the Rs. 4,899.17 crore net proceeds, Rs. 4,923.07 crore has been deployed, with Rs. 76.93 crore remaining unutilized. The borrowing repayment (Rs. 1,500 crore), land acquisition (Rs. 1,000 crore), and General Corporate Purpose (Rs. 1,149.17 crore) are fully utilized. Investment in Subsidiaries and Joint Ventures shows 93.8% utilization (Rs. 1,173.07 crore of Rs. 1,250 crore), with the remaining Rs. 76.93 crore expected to be deployed by end of FY 2027. Issue-related expenses increased by Rs. 1.43 crore, slightly reducing net proceeds from the original estimate.
Positive signal for investors - the monitoring agency confirms funds are being deployed as intended with no material deviations. The minor delay in subsidiary/JV investments (expected completion extended to FY 2027) is within acceptable parameters per SEBI regulations.