Announced Fri, 3 Jul · 19:52 IST
Prestige Estates to acquire 50% stake in Advent Convention and Hotels
PRESTIGE · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Price reaction · full curve 14 horizons · vs prior close
-0.0%1-day move
₹1670.00
prior close
₹1683.00
base price
After-mkt
timing
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AI summary
Prestige Estates has signed an agreement to acquire 50% stake in Advent Convention and Hotels International Limited for up to Rs 504 crores in cash. The target is developing a commercial project in Andheri East, Mumbai, with about 1.50 million sq. ft. leasable area and a Gross Development Value of about Rs 4,500 crores. Target turnover is nil as it was incorporated in 2024. Deal to close within 45 days.
Likely market impact
Expands commercial real estate footprint in Mumbai; significant deal size adds to growth pipeline but capital deployment of Rs 504 cr.