Prestige Estates Projects Limited (NSEI:PRESTIGE) shares dropped up to 5% at INR 1,837 per share on the NSE in June 19, 2024?s intraday trade. The stock prices slipped after the company on June 18, 2024 said that it plans to raise capital through Qualified Institutional Placement (QIP), preferential issue, rights issue, private placement, or any other legally permissible means, aligning with regulatory requirements. Additionally in the board meeting on 21 June, the company?s board will also discuss the potential monetization of assets within its hospitality segment through the issuance of shares.

This initiative may utilise primary issuance, secondary issuance, or a combination of both. According to reports, Prestige Estates is aiming for a valuation ranging from INR 170.00 billion to INR 200.00 billion for the initial public offering (IPO) of its hospitality business.