Prestige Estates places shares amid India rally

One of India's largest real estate development firms becomes the latest to hold a QIP, raising $100 million and illustrating the country's improved post-election mood.
Bangalore is one of the country's most popular destinations for real estate investment
Bangalore is one of the country's most popular destinations for real estate investment

Indian real estate development firm Prestige Estates Projects raised $100 million from an accelerated qualified institutional placement on Tuesday as investors continue to flock to India after its recent election.

Demand from global institutional investors led the issuer and syndicate to increase the 18.75 million base deal size to 25 million shares and price the shares at Rs2.45, the middle of the indicative Rs2.40 to Rs2.48 range, according to a banker close to the deal, who noted that it was covered multiple times in the single digits. CLSA and JP Morgan led the deal.

All 25 million shares are primary and represent 6.7% of the enlarged share...

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