Prestige Estates up 4%, arm enters into preliminary term sheet for minority investment by GIC

Shares of Prestige Estates Projects rose 4 percent intraday Monday as company’s arm entered into a preliminary term sheet for minority investment by Reco in company’s subsidiary.

Prestige Exora Business Parks, a wholly owned subsidiary of the company and Reco Jade Ind, a subsidiary of GIC (Realty) Pte, Singapore have entered into a preliminary term sheet in relation to a possible significant minority investment by Reco in Exora, which owns directly / indirectly multiple office properties, both operating and under construction.

The share touched its 52-week high Rs 356.10 and 52-week low Rs 148 on 16 January, 2018 and 14 March, 2017, respectively.

Currently, it is trading 9.06 percent below its 52-week high and 118.82 percent above its 52-week low.

At 11:18 hrs Prestige Estates Projects was quoting at Rs 323.85, up Rs 7.75, or 2.45 percent on the BSE.

The stock gained 88 percent in the last one year.moneycontrol