Prestige signs INR 3,000 Cr deal with CPP Investments for hospitality arm

Prestige Estates has signed agreements with CPP Investments (Canada Pension Plan) for up to INR 3,000 Cr investment in its wholly owned subsidiary Prestige Hospitality Ventures Ltd (PHVL), giving CPPIB about 27% stake. The deal has 3 tranches: Tranche 1 includes INR 950 Cr secondary sale to Prestige and INR 550 Cr primary infusion in PHVL, while Tranches 2 and 3 add INR 750 Cr each via compulsorily convertible preference shares. First tranche expected within 60 days, subject to Competition Commission of India approval. PHVL had standalone revenue of INR 3,459 million last year.