Prestige Estates Projects confirms full compliance in the utilization of proceeds from its Qualified Institutional Placement (QIP) for the quarter ending September 30, 2025. An independent monitoring agency, ICRA Limited, verified that the use of funds aligns with the stated objectives of the issue. The monitoring report indicated no deviations in the allocation of QIP proceeds as stated in the object of the issue.
QIP Proceeds Utilization
Prestige Estates Projects confirms adherence to regulations regarding the utilization of funds raised through its Qualified Institutional Placement (QIP). As of the quarter ending September 30, 2025, the company has received a report from ICRA Limited confirming that the issue proceeds are being utilized in alignment with the objectives outlined during the QIP.
Monitoring Agency Confirmation
The independent monitoring agency, ICRA Limited, has confirmed in its report that there were no deviations in the utilization of QIP proceeds. This confirms that the funds were allocated as stated in the object of the issue.
Revised Net Proceeds
The net proceeds have been revised to INR 4899.17 Crore due to an increase in actual Issue related expenses (IRE) by INR 1.43 Crore as on 30th September 2025.
Details of Arrangement
All utilization is as per the disclosures in the Offer Document. Shareholder approval has not been obtained in case of material deviations from expenditures disclosed in the Offer Document.
Issue Details
The issue period opened on August 29, 2024, and closed on September 04, 2024. The type of issue was QIP, with Equity shares. The issue size was 5000.00 Crore.
Key Financial Data
Gross Proceeds: INR 5000.00 Crore (Including Issue Related Expenses amounting INR 99.40 Crore).
Net Proceeds as per the prospectus: INR 4900.60 crore
Original Cost Allocation
Repayment of outstanding borrowings: 1500 Crore
Acquisition of land or land development rights: 1000 Crore
Investment in Subsidiaries and Joint Ventures: 2250 Crore
General Corporate Purpose: 1150.60 Crore
Progress on Utilisation of Funds
Issue Related Expenses: 100.83 Crore
Repayment/pre-payment: 1500.00 Crore
Acquisition of land or land development rights: 1000.00 Crore
Investment in Subsidiaries and joint ventures: 796.75 Crore
General Corporate Purpose: 1149.17 Crore
Source: BSE