<p>Bengaluru-based Prestige Estates Projects Ltd's board has approved issuing 1.34 crore equity shares to Singapore's sovereign wealth fund GIC on preferential basis for Rs 434 crore.</p>.<p>GIC held 4.36 per cent stake in the company as on September 30, 2019.</p>.<p>The company's board has approved "issue and allotment of 1,34,41,654 equity shares at a price not less than floor price of Rs 323.22" on preferential basis to GAMNAT Pte Ltd, which is an affiliate of GIC, according to a regulatory filing by Prestige Estates.</p>.<p>Shares of the company fell 0.65 per cent to Rs 345.20 apiece on Monday.</p>.<p>Prestige Estates will take shareholders' approval before allotting these shares to GAMNAT.</p>.<p>In its 32 years of operations, Prestige Group has completed 236 real estate projects, comprising nearly 125 million sq ft of developable area, mostly in south India.</p>.<p>Prestige Estates is also foraying into the Delhi-NCR market and has tied up with local developer Ace Group to launch its first housing project in Noida with an investment of around Rs 500 crore on construction.</p>.<p>It has also announced a joint venture with DB Group to develop a large hotel and convention centre project at Aero City in the national capital with an investment of Rs 2,000 crore.</p>.<p>GIC has been investing heavily in the Indian real estate market.</p>.<p>It invested around Rs 9,000 crore to acquire around 33 per cent stake in DLF's rental arm DLF Cyber City Developers Ltd (DCCDL).</p>
<p>Bengaluru-based Prestige Estates Projects Ltd's board has approved issuing 1.34 crore equity shares to Singapore's sovereign wealth fund GIC on preferential basis for Rs 434 crore.</p>.<p>GIC held 4.36 per cent stake in the company as on September 30, 2019.</p>.<p>The company's board has approved "issue and allotment of 1,34,41,654 equity shares at a price not less than floor price of Rs 323.22" on preferential basis to GAMNAT Pte Ltd, which is an affiliate of GIC, according to a regulatory filing by Prestige Estates.</p>.<p>Shares of the company fell 0.65 per cent to Rs 345.20 apiece on Monday.</p>.<p>Prestige Estates will take shareholders' approval before allotting these shares to GAMNAT.</p>.<p>In its 32 years of operations, Prestige Group has completed 236 real estate projects, comprising nearly 125 million sq ft of developable area, mostly in south India.</p>.<p>Prestige Estates is also foraying into the Delhi-NCR market and has tied up with local developer Ace Group to launch its first housing project in Noida with an investment of around Rs 500 crore on construction.</p>.<p>It has also announced a joint venture with DB Group to develop a large hotel and convention centre project at Aero City in the national capital with an investment of Rs 2,000 crore.</p>.<p>GIC has been investing heavily in the Indian real estate market.</p>.<p>It invested around Rs 9,000 crore to acquire around 33 per cent stake in DLF's rental arm DLF Cyber City Developers Ltd (DCCDL).</p>