Prestige Estates rises 3% on acquiring entire stake in Babji Realtors

Shares of Prestige Estates Projects rose 3 percent intraday Tuesday after company acquired remaining stake its joint venture company.

The company through its wholly owned subsidiary Prestige Retail Ventures bought balance 51 percent share in Babji Realtors for Rs 363.98 crore, company said in its BSE release.

Earlier it owned 49% stake in the equity shares and post said acquisition Babji Realtors has become the indirect wholly owned subsidiary of the company.

The transaction is in the ordinary course of business and has been completed at an arms’ length basis.

At 11:02 hrs Prestige Estates Projects was quoting at Rs 279.70, up Rs 4.65, or 1.69 percent on the BSE.

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