Prestige Estate Projects to acquire stake in the group company, Prestige Projects. It is expected that the acquisition will be completed before January 31,2018.

Prestige Projects is involved in the business of real estate development and owns a land parcel admeasuring over 1802 acres located in Sarjapur road, Bengaluru.

The company as of now holds 33.34% stake in Prestige Projects, investors and land owners hold 33.33% stake each in the company.

According to a company press release, “… through a wholly owned special purpose vehicle (SPV) is in the process of acquisition of 66.66% equity stake in Prestige Projects from the investors and land owners for a consideration of approximately Rs.324 crore.”

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