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Prestige Estates will acquire a 50% stake in Advent Convention and Hotels for up to ₹504 crore in cash, giving it a share in a commercial project coming up in Mumbai's Andheri East with an estimated development value of around ₹4,500 crore.
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Prestige Estates Projects Ltd. has entered into an investment agreement to acquire a 50% stake in Advent Convention and Hotels Ltd. for up to ₹504 crore in cash, the company said in a regulatory filing.
The acquisition will be completed by the company and/or its wholly owned subsidiary and is expected to be finalised within 45 days from the date of the agreement, unless the parties mutually agree to extend the timeline.
Advent Convention and Hotels Ltd., incorporated in 2024, is engaged in real estate development and is currently undertaking the development of a commercial project in Mumbai.
The project will be developed on land measuring 21,978.22 square metres at Sahar in Andheri East, Mumbai. It will have an approximate leasable area of 1.50 million sq. ft. and an estimated Gross Development Value of around ₹4,500 crore, according to the filing.
Prestige said the acquisition is not a related-party transaction, and the company's promoter or promoter group has no interest in the deal. No governmental or regulatory approvals are required for the acquisition, the filing added.
The target company reported nil turnover for FY26 and FY25. The consideration for the acquisition will be entirely in cash.
Shares of Prestige Estates Projects Ltd. closed 0.33% lower at ₹1,668.50 on the BSE on Friday.
