Prestige Falcon acquires stake in Lokhandwala DB Realty; Stock zooms

The shares of Prestige Estate Projects Limited moved up by almost 10 per cent on Monday, after the company’s wholly-owned subsidiary, Prestige Falcon Realty Ventures Private Limited (PFRVPL), acquired 50 per cent stake in Lokhandwala DB Realty LLP.

In an exchange filing, Prestige Estates, the company which builds residential buildings as well as corporate offices and technology parks said that the wholly-owned subsidiary of the Company, PFRVPL has invested in Lokhandwala DB Realty LLP by way of capital account contribution and has been admitted a partner in the Limited Liability Partnership (LLP) with 50 per cent economic and voting rights.

At the time of market closing, the stock of Prestige Estates was trading at Rs 415.05, up by 10.84 per cent, against its previous close of Rs 374.45 while, the market opened on Monday at Rs 379.70. Its 52-week high is recorded at Rs 426.16 and its 52-week low is Rs 193.10 on BSE.