Prestige Estates up, then down

Yesterday late evening, Prestige Estates announced that in a move to pare its debt, it has signed a non-binding letter of intent with PE major, Blackstone Group to sell some of its commercial offices, retail and hotel properties, mall management and identified maintenance businesses.

This deal is for a sale of around 21 million sq.feet of assets – six completed offices (which contributed around 13% to total turnover in FY20), nine retail assets, two hotels, four under-construction offices

The company has placed the enterprise value of these assets at Rs.9160 crore.

The stock opened higher at Rs.263, from its close of Rs.259.70 and went up further to Rs.264.80, up 2%. But from there, it went down 1% to Rs.257, oscillating between gains and losses.