Prestige Estates completes acquisition of Babji Realtors

Prestige Estates Projects through its wholly-owned subsidiary Prestige Retail Ventures owned 49 per cent stake in the equity shares of the target entity and the remaining 51 per cent was held by various JV partners/shareholders. Prestige Ventures has now acquired the entire stake of other shareholders to become the indirect wholly-owned subsidiary of Prestige Estates.

Babji Realtors is in the business of real estate development including developing and leasing of a shopping mall. Babji is also the owner of ‘Forum Sujana Mall’ in Hyderabad. The acquisition is in the ordinary course of business and has been completed at an arms’ length basis for a cash consideration of Rs. 363.98 crore.

On a consolidated basis, Prestige Estates net sales stood at Rs. 1,077.6 crore for the quarter ended December 2018, down 15.3 per cent from Rs. 1,272.3 crore in December 2017. The company’s net profit stood at Rs. 58.1 crore for the quarter ended December 2018, down 41.43 per cent from Rs. 99.2 crore in December 2017.

On Tuesday, Prestige Estates was trading at Rs. 276.05 per share, up 0.99 per cent on the BSE.