Prestige Estates raises Rs 5,000 crore by selling shares via QIP route

Prestige Estates Projects Ltd has raised Rs 5,000 crore through a Qualified Institutional Placement by selling equity shares to institutional investors. The company allocated nearly 3 crore shares at Rs 1,674 each, a discount on the floor price. Despite recent declines in profit and sales bookings, Prestige remains optimistic about future project launches.