Prestige Estates: QIP funds used as intended, monitoring agency confirms

Prestige Estates Projects Limited announced that the utilization of proceeds from its Qualified Institutional Placement (QIP) for the quarter ended September 30, 2025, shows no material deviation from its stated objects. The monitoring agency report by ICRA Limited confirmed that all utilization aligns with disclosures in the offer document. The QIP, which closed on September 04, 2024, raised gross proceeds of INR 5000.00 crore. Net proceeds, originally stated as INR 4900.60 crore, have been revised to INR 4899.17 crore due to a slight increase of INR 1.43 crore in actual issue-related expenses by September 30, 2025.

The report details the allocation of the net proceeds across various objectives. INR 1500.00 crore was designated for repayment of outstanding borrowings, INR 1000.00 crore for land acquisition or land development rights, and INR 1250.00 crore for investment in subsidiaries and joint ventures to fund ongoing and upcoming projects. The remaining INR 1149.17 crore was allocated for General Corporate Purpose, which saw a revision in cost due to the aforementioned increase in issue-related expenses.

As of September 30, 2025, the total amount utilized across these objects was INR 4579.35 crore. The unutilized proceeds stand at INR 420.65 crore. The report also highlights that all objects are progressing "On Schedule," with no delays in implementation. The company secretary and compliance officer, Manoj Krishna J V, confirmed the report is enclosed for information and records.