Realty firm Prestige Estates Projects Ltd arm Prestige Hospitality Ventures Ltd on Thursday filed preliminary documents with SEBI to launch its initial public offering (IPO) to raise up to ₹2,700 crore, according to sources.
The company has filed the draft red herring prospectus (DRHP) with markets regulator SEBI.
In a regulatory filing on Thursday, Prestige Estates informed that a hospitality fund raising committee of the board approved the participation in the offer for sale of its subsidiary, Prestige Hospitality Ventures Ltd (PHVL), aggregating up to ₹1,000 crore.
PHVL, which currently has seven hotels in operation, will raise up to ₹1,700 crore through fresh issue of equity shares, sources said.
Bengaluru-based Prestige Estates is a leading real estate developer in the country. The company develops housing, office, retail and hotel projects.
