PRESTIGE

June 6 (Reuters) - Prestige Estates Projects Ltd PREG.NS:

• PRESTIGE ESTATES - INCORPORATED A JOINT VENTURE COMPANY

Source text: ID:nBSE7k5XbM

Further company coverage: PREG.NS

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May 27 (Reuters) - Prestige Estates Projects Ltd PREG.NS:

• PRESTIGE ESTATES PROJECTS LTD - LAUNCHES PRESTIGE GARDENIA ESTATES IN BANGALORE

• PRESTIGE ESTATES PROJECTS LTD - PROJECT COMPRISES 516 PLOTS WITH REVENUE POTENTIAL OF 8 BILLION RUPEES

Source text: ID:nBSE6r0Hss

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** Real estate developer Prestige Estates' PREG.NS launch of key residential project in Indirapuram, Ghaziabad, to drive FY26 pre-sales and allay concerns over its FY25 pre-sales forecast miss, CLSA says

** CLSA reiterates "outperform", PT 1,315.8 rupees; PREG last up 3.5%

** CLSA says project, with over 100 billion rupees ($1.17 billion) sales potential, will likely be launched in coming days since co has secured regulatory approval

** Believes co can sell 60%-70% of project, marking its entry into National Capital Region market, in FY26

** Project will garner strong response given its location, scale, and mid-income positioning - CLSA

** Stock down 19.6% YTD

($1 = 85.2050 Indian rupees)

(Reporting by Aleef Jahan in Bengaluru)

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April 24 (Reuters) - Indian real-estate developer Prestige Estates' PREG.NS hospitality business, Prestige Hospitality Ventures filed for a 27 billion rupees (about $317 million) initial public offering, according to draft papers released on Thursday.

WHY IT'S IMPORTANT

Prestige Hospitality IPO comes at a time when major Indian companies like Ather Energy ATHR.NS have reduced their IPO size and LG Electronics India LGEL.NS has delayed its listing amid market jitters.

Trade uncertainty sparked by U.S. President Donald Trump's on-again, off-again tariffs has roiled global markets.

Despite this, about 67 companies have raised over $2.32 billion in public listings so far this year in India, according to data compiled by LSEG.

CONTEXT

Prestige Estates is looking to raise between 20 billion rupees to 30 billion rupees through the public float of its hospitality business, as per local media reports from June 2024.

Sustained travel demand in the country and successful listings of firms like Samhi Hotels SAMH.NS and Juniper Hotels JUNI.NS in 2024 have bolstered investor confidence in the sector.

BY THE NUMBERS

Under the IPO, Prestige Hospitality will offer new shares worth 17 billion rupees, while the parent company, Prestige Estates, will offer shares worth 10 billion rupees.

J.M. Financial, CLSA, J.P. Morgan and Kotak Mahindra Capital are the IPO's lead book-running managers.

($1 = 85.3030 Indian rupees)

(Reporting by Manvi Pant in Bengaluru; Editing by Tasim Zahid)

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March 28 (Reuters) - Prestige Estates Projects Ltd PREG.NS:

• APPROVES INVESTMENT IN PRESTIGE HOSPITALITY VENTURES

• INVESTMENT UP TO 16.25 BILLION RUPEES IN WHOLLY OWNED SUBSIDIARY

Source text: ID:nNSE5X3W2K

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March 3 (Reuters) - Prestige Estates Projects Ltd PREG.NS:

• INCOME TAX DEPARTMENT CONCLUDES SEARCH AT PRESTIGE ESTATES OFFICES

• FULLY COOPERATED WITH INCOME TAX DEPARTMENT

Source text: ID:nBSE4N6lY9

Further company coverage: PREG.NS

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** Shares of Prestige Estates Projects PREG.NS fall as much as 3.7% to 1,148.5 rupees, lowest since March 28

** The real estate developer said on Tuesday that the Income Tax department is conducting search at co's registered office and other branch offices from Feb. 25

** Co did not provide further updates regarding search

** Seventeen analysts covering the stock on average have a "buy" rating; median PT is 1,805 rupees - LSEG data

** Stock has shed ~30% so far this year

(Reporting by Ashna Teresa Britto in Bengaluru)

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Feb 1 (Reuters) - Shares of Indian real estate companies rose on Saturday after the government announced measures to boost the spending power of the middle class in Asia's third-biggest economy, likely spurring investments in the residential housing space.

India's plan to cut income tax rates in the 2025-26 budget was widely welcomed by investors and experts, as it boosts disposable income in a country grappling with sluggish consumption in recent quarters.

The Nifty realty index .NIFTYREAL rose 3.3% and was set for its best day in nearly eight months.

Eight of the ten members in the sub-index were trading higher, with realtors Prestige Estates PREG.NS, DLF DLF.NS and Sobha SOBH.NS climbing between 2% and 6%.

"This move is expected to strengthen demand for affordable housing," said Anuj Puri, chairman of ANAROCK Group.

Middle-class homebuyers, landlords, and investors can now benefit from reduced tax liabilities, better affordability, and fewer compliance hassles, Puri added.

Badal Yagnik, CEO of Colliers India, also echoed the sentiment and said the rationalization of taxes and enhancement of exemption limits can boost disposable income, spurring consumption levels and real estate investments, particularly in residential real estate and alternate financial instruments such as REITs.

The government also made room for homeowners to claim two self-occupied properties as tax-free, as compared to only one earlier, a move likely benefiting residential real estate investment.

This step minimizes tax pressures, promotes homeownership, and facilitates real estate investment, especially in second homes and Tier 2 and 3 cities, Puri said.

Other consumption-linked sectors were also trading higher on the day after the cut to income tax.

(Reporting by Indranil Sarkar and Kashish Tandon in Bengaluru; Editing by Eileen Soreng)

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Jan 30 (Reuters) - Prestige Estates Projects Ltd PREG.NS:

• PRESTIGE ESTATES PROJECTS Q3 CONSOL NET PROFIT 177 MILLION RUPEES

• PRESTIGE ESTATES PROJECTS Q3 CONSOL REVENUE FROM OPERATIONS 16.55 BILLION RUPEES

Source text: [ID:]

Further company coverage: PREG.NS

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** Shares of NITCO Ltd NCOT.NS rise as much as 3.9% to 146 rupees

** Tilemaker secures order valued at 1.05 bln rupees ($12.4 mln) from Prestige Estates Projects PREG.NS

** Says it also anticipates receiving orders worth 1.04 bln rupees from PREG in near future

** Stock on track to gain for the third straight day

** More than 131,000 shares traded as of 9:39 a.m. IST vs their 30-day moving avg of 180,641 shares

** NCOT last up 2.5%, adding to YTD gains of 354%

($1 = 84.9010 Indian rupees)

(Reporting by Meenakshi Maidas in Bengaluru)

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Dec 16 (Reuters) - Nitco Ltd NCOT.NS:

• GOT ORDER WORTH 1.05 BILLION RUPEES

• ANTICIPATES RECEIVING ORDERS WORTH 1.04 BILLION RUPEES FROM PRESTIGE ESTATES

Source text: [ID:]

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** Apartment launch pipelines by Indian homebuilders are strong for second half of ongoing fiscal year, says brokerage Nuvama

** Brokerage's top picks are Bengaluru-focussed developers Brigade Enterprises BRIG.NS and Prestige Estates Projects PREG.NS

** On the day BRIG up 2.1%, PREG rises 1.8%

** New launches should lead to ramp up in bookings amid low inventory levels and two straight quarters of weakness (Q1 and Q2) - Nuvama

** October launches "decent" across geographies - Nuvama

** Developers have ramped up land capex Y/Y in FY25, utilizing "virtually entire operating cash flows" while debt remained comfortable, which bodes well for growth in next 6-8 quarters, says brokerage

** YTD, shares of BRIG up 38.6% and PREG up 41.2% compared to 31.6% gain in the Nifty Realty Index .NIFTYREAL

(Reporting by Hritam Mukherjee and Ananta Agarwal in Bengaluru)

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** Shares of property developer Prestige Estates Projects PREG.NS fall as much as 5.1% to 1,620 rupees

** Morgan Stanley downgrades stock to "underweight" from "overweight", cuts TP to 1,510 rupees from 1,770 rupees

** New TP is at a discount of 11.5% to stock's last close at 1,706.15 rupees

** Reduce our FY25 pre-sales growth estimate to +9% Y/Y from 28% since co achieved only 29% of its FY25 target in 1HFY25 - brokerage

** Adds, PREG's last twelve month avg. pre-sales growth is weakest among peers (-2% Y/Y, -15% Q/Q)

** PREG's 2HFY25 launch pipeline of 5.21 bln rupees ($61.7 mln) is strong, however uncertainty over approval remains - Morgan Stanley

** Avg rating of 16 analysts equivalent of "buy", median PT is 2,020 rupees - LSEG data

** Stock last down 4.2%, trimming YTD gains to 38.6%

($1 = 84.4630 Indian rupees)

(Reporting by Ashish Chandra in Bengaluru)

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Nov 14 (Reuters) - Prestige Estates Projects Ltd PREG.NS:

• ACQUIRES 22,135 SQ. METERS LAND IN MIRA BHAYANDAR MUNICIPAL CORPORATION, MUMBAI

• COST OF ACQUISITION IS AROUND 2.92 BILLION RUPEES

Source text: ID:nBSE3HprWN

Further company coverage: PREG.NS

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** Shares of India's Prestige Estates Projects PREG.NS fall ~2% at the open, extends losses to third straight session

** Property developer's Q2 revenue growth slows as approval delays weigh on new launches

** The Nifty Realty index .NIFTYREAL, which co is a part of, sheds 0.3% in early trade

** Stock has gained 36% YTD vs NIFTYREAL's ~28% rise

(Reporting by Hritam Mukherjee in Bengaluru)

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Oct 29 (Reuters) - Prestige Estates Projects Ltd PREG.NS:

• Q2 CONSOL NET PROFIT 1.92 BILLION RUPEES

• Q2 CONSOL REVENUE FROM OPERATIONS 23.04 BILLION RUPEES

Source text: [ID:]

Further company coverage: PREG.NS

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Oct 28 (Reuters) - Prestige Estates Projects Ltd PREG.NS:

• PRESTIGE ESTATES - ACQUIRES LAND IN BENGALURU TO DEVELOP RESIDENTIAL PROJECT

• PRESTIGE ESTATES - ACQUIRES LAND IN BENGALURU TO DEVELOP RESIDENTIAL PROJECT FOR 4.62 BILLION RUPEES

Source text: [ID:]

Further company coverage: PREG.NS

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** Shares of Prestige Estates Projects PREG.NS climb as much as 6.9% to 1,845 rupees; last up 5.4%

** The real estate firm approved a qualified institutional placement (QIP) to raise funds at a floor price of 1,755.09 rupees apiece

** Floor price at 1.7% premium on last close

** Co to raise 50 bln rupees (about $596 mln) via QIP, it said in June

** Stock eyes busiest trading session since late-Feb., volumes at 3.2x the 30-day avg

** Analysts' avg rating on stock is "Buy", median PT is 1,940 rupees, per LSEG data

** At current price, stock is up 8.6% this week, after nearly 8% loss last week

($1 = 83.8620 Indian rupees)

(Reporting by Manvi Pant in Bengaluru)

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July 31 (Reuters) - Prestige Estates Projects Ltd PREG.NS:

• PRESTIGE ESTATES JUNE-QUARTER CONSOL NET PROFIT 2.33 BILLION RUPEES

• PRESTIGE ESTATES JUNE-QUARTER CONSOL REVENUE FROM OPERATIONS 18.62 BILLION RUPEES

Further company coverage: PREG.NS

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July 11 (Reuters) - Prestige Estates Projects Ltd PREG.NS:

• SALES COLLECTIONS FOR QUARTER UP BY 6% Y/Y

• Q1 SALES AT 30.3 BILLION RUPEES VERSUS 39.15 BILLION RUPEES YEAR AGO

Source text for Eikon: [ID:]

Further company coverage: PREG.NS

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** Shares of India's Prestige Estates Projects PREG.NS rose as much as 4.6% to hit record high, last up 3.9%

** Co top pct. gainer on the Nifty Realty index .NIFTYREAL, which is up 0.3%

** PREG's board approved roughly $600 mln fundraise by issuing shares to institutional investors late on Friday

** Trading vols. 1.3x 30-day avg.

** Including session's gains, YTD stock had risen 75%, outperforming a 45% rise in NIFTYREAL

(Reporting by Hritam Mukherjee in Bengaluru)

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Adds analyst comment in paragraph 3

By Hritam Mukherjee

BENGALURU, June 21 (Reuters) - Prestige Estates Projects PREG.NS said on Friday it will raise 50 billion rupees ($598.6 million) by issuing shares to institutional investors.

The Indian real estate developer added its board has approved the monetization of its hospitality assets through a share issue and has formed a sub-committee to oversee the process.

"The monetizing bid largely means that Prestige will seek greater value for its hospitality business and will likely go for an initial public offering," said Karan Khanna, a research analyst at Ambit Capital.

The Bengaluru-based firm has been working on hiving off and listing its hospitality business, which operates 10 hotels in Bengaluru and Kochi, including JW Marriott and Sheraton Grand.

Prestige Estates had flagged the need to raise capital in May.

Sustained travel demand and successful listings of hotel firms, such as Samhi Hotels SAMH.NS and Juniper Hotels JUNI.NS, have inspired investor confidence in the sector, with consumer giant ITC ITC.NS also looking to carve out its hotel business.

Prestige Estates tapped JM Financial, JP Morgan and CLSA as bankers for the listing of its hospitality business, local broadcaster CNBC TV18 had reported earlier this month.

The company's shares closed 1.5% lower on Friday.

($1 = 83.5240 Indian rupees)

(Reporting by Hritam Mukherjee in Bengaluru; Editing by Shreya Biswas)

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June 18 (Reuters) - Prestige Estates Projects Ltd PREG.NS:

• PRESTIGE ESTATES PROJECTS LTD - TO CONSIDER AND APPROVE RAISING OF FUNDS

Source text for Eikon: ID:nBSEwf6ml

Further company coverage: PREG.NS

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** Shares of Prestige Estates Projects PREG.NS up 2.4% to a record high of 1,891.75 rupees

** The real estate co is expecting a valuation of 170 bln rupees ($2.04 bln) to 200 bln rupees for the IPO of its hotel business, CNBC-TV18 reported, citing sources

** PREG is seeking to raise close to 20 bln rupees to 30 bln rupees through its IPO of the hotel business, the report added

** The company did not confirm or deny the report on a Reuters' request for comment

** Stock is among top percentage gainers on the Nifty realty index .NIFTYREAL, which is up 2%

** Analysts' avg rating on stock is "Buy", in line with rating on peer Brigade Enterprises BRIG.NS, while DLF is rated "Hold", per LSEG data

** Including session's gains, stock is up 60% YTD vs ~43% rise in NIFTYREAL

($1 = 83.5341 Indian rupees)

(Reporting by Manvi Pant in Bengaluru)

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** Shares of Prestige Estate Projects PREG.NS up around 4% to 1600 rupees

** PREG is the second biggest gainer on Nifty Realty Index .NIFTYREAL, which is up around 2%

** Morgan Stanley raises PT by 26% to 1770 rupees, implying upside potential of 15%

** PT raise on strong FY25 pre-sales outlook driven by launch pipeline and ready inventory

** FY25 residential launch pipeline of 5.67 bln rupees, plus 1.20 bln rupees of unsold inventory should help PREG post record sales booking of 2.70 bln rupees in the current fisca l- Morgan Stanley

** Avg rating of 16 analyst covering PREG is "Buy," their median PT is 1,365 rupees - LSEG data

** PREG up 36% YTD vs a 30% rise in Nifty Realty Index .NIFTYREAL

(Reporitng by Nishit Navin)

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** Shares of India's Prestige Estates Projects PREG.NS down 2.8%, reversing early gains

** PREG among top losers on Nifty Realty index .NIFTYREAL, which is down 0.8%

** Bengaluru-focussed developer's Q4 net profit slumps 70%, rev dipped on weak overall housing sales in the city

** Stock set to drop for fourth straight session

** YTD, stock had risen over 28%, in-line with realty gauge

(Reporting by Hritam Mukherjee in Bengaluru)

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** Shares of Prestige Estates Projects PREG.NS rose as much as 3.5% before trimming some gains, last up 0.4% to 1,309 rupees

** Real estate developer says it acquired land in Bengaluru for 4.5 bln rupees ($54 mln); says gross development value is 45 bln rupees

** Nifty Realty index .NIFTYREAL jumped to session high after RBI kept key lending rates unchanged; PREG's session high was before the RBI announcement

** Mahindra Lifespace MALD.NS top pct gainer on realty index

** Seven out of 10 stocks on realty index, including PREG, rated "buy" or higher on avg, rest rated "hold" - LSEG data

($1 = 83.4050 Indian rupees)

(Reporting by Varun Vyas in Bengaluru)

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April 4 (Reuters) - Prestige Estates Projects Ltd PREG.NS:

• PRESTIGE ESTATES PROJECTS LTD - AQUIRES 21 ACRES OF LAND IN WHITEFIELD, BENGALURU TO DEVELOP RESIDENTIAL PROJECT SPANNING 4 MN SFT

• PRESTIGE ESTATES PROJECTS LTD - THE COST OF ACQUISITION IS 4.50 BILLION RUPEES

• PRESTIGE ESTATES PROJECTS LTD - GROSS DEVELOPMENT VALUE IS 45 BILLION RUPEES

Source text for Eikon: [ID:]

Further company coverage: PREG.NS

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Adds CEO comment on deal terms in paragraph 3

By Rama Venkat

BENGALURU, April 1 (Reuters) - India's Prestige Estates Projects PREG.NS said on Monday that it signed a deal worth 20 billion rupees (about $240 million) with the Abu Dhabi Investment Authority and Kotak Alternate Investment Fund to develop residential projects in the country.

The funds will be for projects in Bengaluru, Mumbai, Goa and the National Capital Region, with a combined gross development value of more than 180 billion rupees ($2.16 billion), Prestige said.

"The deal is quasi-equity, which will predominantly have optionally convertible debentures and non-convertible debentures," Venkat K Narayana, CEO of Prestige Group, told Reuters.

The company currently has 41 ongoing and 26 upcoming residential projects.

India's growing economy, favourable policy reforms and infrastructure development have made real estate, especially in the office space, a preferable destination for foreign investment, attracting over $5.8 billion in institutional investments across 53 deals in 2023, per data from real estate management firm JLL.

However, the residential sector is also likely to see strong investment momentum due to an increase in disposable income and the desire for spacious homes, real estate firm Colliers said in a report earlier this year.

"This (deal) will likely open doors for more private deals, which firms may look at other than QIPs (qualified institutional placements)," said Shobhit Agarwal, CEO of the capital markets division of real estate consultancy ANAROCK Group.

Last year, real estate developer Embassy Group had raised 12.50 billion rupees from Bain Capital, while Valor Estate DBRL.NS, formerly known as D B Realty, raised 9.20 billion rupees from investors including Morgan Stanley and BNP Paribas in March.

Prestige operates in over 12 major locations in India, with about half of its portfolio of completed projects being residential and around 42% commercial.

The company's shares settled 8.3% higher on Monday.

($1 = 83.3110 Indian rupees)

(Reporting by Rama Venkat in Bengaluru; Editing by Rashmi Aich, Savio D'Souza and Sonia Cheema)

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** Shares of India's Prestige Estates Projects PREG.NS up 4.7% at 1,097.55 rupees after rising as much as 6.8% earlier in the session

** Property developer says it has acquired land in National Capital Region (NCR) worth 4.68 bln rupees ($56.2 mln)

** PREG among top gainers in Nifty Realty index .NIFTYREAL, which is up 1.2%

** Stock on track for third straight session of gains

** Analysts' avg rating on PREG, rivals Sobha SOBH.NS and Brigade Enterprises BRIG.NS is "buy" - LSEG data

** Stock has fallen ~7% YTD, while Nifty Realty has risen over 11%

($1 = 83.3350 Indian rupees)

(Reporting by Hritam Mukherjee in Bengaluru)

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