Prestige Estates acquires 50% stake in Advent for Mumbai commercial project

Marquee Jv AnnouncedStrategic Transactions View source PDF Explain this filing

PRESTIGE · price

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Price reactionminutes from the announcement price · days from the prior close

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prior close

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announcement price

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Nifty Midcap 150market+0.4%+1.3% vs market

Residential Commercial Projects peers, median of 66sector-0.3%+2.0% vs sector

On the reaction day the stock moved 1.3 pts more than Nifty Midcap 150 and 2.0 pts more than its Residential Commercial Projects peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.

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UpDownMarket · Nifty Midcap 150Sector · Residential Commercial Projects peers, median of 66Pending

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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.