Prestige Estate Projects’ Subsidiary Picks Up 50% Stake In Lokhandwala DB Realty

New Delhi: Realty player Prestige Estate Projects’ subsidiary, Prestige Falcon Realty Ventures has purchased 50 percent stake in Lokhandwala DB Realty.

The investment has been made through capital account contribution.

"Prestige Falcon Realty Ventures Private Ltd, a wholly-owned subsidiary of Prestige Estates Projects Ltd, has invested in Lokhandwala DB Realty LLP by way of capital account contribution and admitted as a partner of the LLP with 50 per cent economic and voting rights," Prestige said in a regulatory filing.

Recently, the sovereign fund of Singapore GIC Pte Ltd increased its stake in Prestige Estates Projects Ltd by Rs 430 crore.

Gamnat Pte Ltd, part of GIC, bought 13.4 million shares at Rs 323 per share by way of preferential allotment. GIC already owned 16.33 million shares of Prestige.