Prestige Estates subsidiary PHVL plans INR 10,000m IPO

Prestige Estates Projects Limited (BSE:PRESTIGE) announced today that its subsidiary, Prestige Hospitality Ventures Limited (PHVL), plans to launch an initial public offering (IPO). The decision was approved at a board meeting held on April 24, 2025. The IPO will involve an offer for sale ("OFS") of equity shares aggregating up to INR 10,000.00 million, with shares having a face value of INR 5 each. The offer price and price band will be determined by PHVL in consultation with book running lead managers. The IPO is subject to market conditions, regulatory approvals, including from the Securities and Exchange Board of India (SEBI), BSE Limited, the National Stock Exchange of India Limited and commercial considerations. Further details will be disclosed in the Draft Red Herring Prospectus (DRHP), Red Herring Prospectus (RHP), and other offer documents. The meeting to approve the decision commenced at 6:20 pm and concluded at 7:10 pm on April 24, 2025.