Latest News | Prestige Group Hospitality Arm Files Document with Sebi to Launch Rs 2,700-cr IPO

New Delhi, Apr 24 (PTI) Realty firm Prestige Estates Projects Ltd arm Prestige Hospitality Ventures Ltd on Thursday filed preliminary documents with Sebi to launch its initial public offering (IPO) to raise up to Rs 2,700 crore, according to sources.

The company has filed the draft red herring prospectus (DRHP) with markets regulator Sebi.

Also Read | What Is Simla Agreement 1972? All You Need To Know As Pakistan Suspends Simla Pact After India Downgrades Diplomatic Ties Following Pahalgam Terror Attack.

In a regulatory filing on Thursday, Prestige Estates informed that a hospitality fund raising committee of the board approved the participation in the offer for sale of its subsidiary, Prestige Hospitality Ventures Ltd (PHVL), aggregating up to Rs 1,000 crore.

PHVL, which currently has seven hotels in operation, will raise up to Rs 1,700 crore through fresh issue of equity shares, sources said.

Also Read | What Is SAARC Visa Exemption Scheme? What Will Happen to Pakistanis Staying in India Under SVES After Pahalgam Terror Attack?.

Bengaluru-based Prestige Estates is a leading real estate developer in the country. The company develops housing, office, retail and hotel projects.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)