Prestige Estates Projects - Annuity Asset Sale To Drive Deleveraging: ICICI Securities
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ICICI Securities Report
Prestige Estates Projects Ltd. has informed exchanges that it has completed Phase one of the proposed transaction with the Blackstone Group wherein the company was targeting to sell stakes in specific office, retail, hotel and facilities management special purpose vehicles for Rs 91.6 billion.
The company has initially received Rs 74.7 billion in Phase one and expects to receive the pending Rs 16.8 billion by the end of Q1 FY22 (June -20’22).
The company had consolidated net debt of Rs 84.6 billion as of Dec-20 which will now reduce to approximately Rs 10 billion (net debt/equity of 0.3 times) post completion of phase one of the transaction.
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