Prestige Estates Acquires 49% Stake in WSI Falcon Infra Projects and Restructures Subsidiary

Prestige Estates Projects Limited (PEPL), a leading real estate company, has announced the acquisition of a 49% equity stake in WSI Falcon Infra Projects Private Limited. The company has subscribed to 96,079 equity shares of WSI Falcon Infra Projects Private Limited. WSI Falcon Infra Projects Private Limited is developing IT/IT enabled services/parks in 6.53 acres of land situated at Porur, Chennai. In addition, PEPL has restructured its subsidiary, Prestige Realty Ventures, by retiring from the firm and admitting Prestige Hospitality Ventures Limited, a wholly owned subsidiary of the company, as a partner for 99.9% ownership and economic rights. The total fixed capital contribution by the partners in Prestige Realty Ventures as on 31st March, 2024 is Rs. 91.11 crores. The company is retiring from the firm by withdrawing consolidated capital and current account balance of approximately Rs. 168.35 crores. Prestige Hospitality Ventures Limited will contribute consolidated capital and current account balance of approximately Rs. 168.35 crores for getting admitted into the firm.