Prestige Group to buy 67 per cent
Realty major Prestige Group is acquiring 66.66% stake in Prestige Projects Pvt. Ltd. (PPPL), held by Red Fort India Real Estate and others, for about ₹324 crore, according to a BSE filing.
The stake would be acquired through a special purpose vehicle (SPV) of the group. The deal is expected to be completed before January 31, 2018. The group already owns 33.34% in PPPL.
“This transaction will help us enter the affordable housing segment in a big way,” said Irfan Razack, CMD of the Bengaluru-based Prestige Group.