Announced Fri, 3 Jul · 19:51 IST
Prestige Estates acquires 50% stake in Advent for Mumbai commercial project
PRESTIGE · price
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Price reaction · full curve 14 horizons · vs prior close
-0.0%1-day move
₹1670.00
prior close
₹1683.00
base price
After-mkt
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AI summary
Prestige Estates Projects will acquire a 50% stake in Advent Convention and Hotels International Limited for up to Rs 504 crore in cash. The target is developing a commercial project on about 21,978 sq m at Andheri East, Mumbai, with roughly 1.50 million sq ft of leasable area and a Gross Development Value of about Rs 4,500 crore. Advent is a public limited company incorporated in 2024 with nil turnover. The deal is targeted to close within 45 days.
Likely market impact
Boosts Prestige's Mumbai commercial portfolio with a Rs 4,500 crore GDV project; Rs 504 crore cash investment for 50% stake.