Prestige Estates Issues ₹750 Crore Guarantee, Hospitality Arm Withdraws IPO Papers
Mumbai: Prestige Estates Projects has issued a corporate guarantee of up to Rs 750 crore in favour of ICICI Bank to secure a loan facility for its subsidiary, Prestige Falcon Mumbai Realty Private Ltd. The company disclosed the guarantee in a regulatory filing dated September 25. The arrangement supports the borrowing being availed by the Mumbai subsidiary, with Prestige Estates providing the…
Mumbai-based Prestige Estates Projects has issued a corporate guarantee of up to Rs 750 crore to secure a loan facility for its Mumbai subsidiary, Prestige Falcon Mumbai Realty Private Ltd. The guarantee, disclosed in a regulatory filing dated September 25, complies with Companies Act, 2013 and SEBI's listing regulations. The transaction was undertaken on an arm's-length basis and is classified as a contingent liability by Prestige Estates, with no immediate impact on the company at present.
Meanwhile, the hospitality arm of Prestige Estates, Prestige Hospitality Ventures Ltd, has withdrawn its draft papers for an initial public offering (IPO). The company's board decided to suspend the Draft Red Herring Prospectus, filed on April 24, 2025, due to strategic considerations and uncertain market conditions. The withdrawn IPO, which concerned equity shares of Prestige Hospitality Ventures, halted the proposed listing process following the board's decision.
Written by urgent.news from Free Press Journal's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
