Prestige Estates to explore business restructuring
Bengaluru: Bengaluru-based real estate firm Prestige Estates Projects Ltd (PEPL), India’s third-largest developer by market value, has formed a committee to explore an exercise of restructuring the businesses of the group, the developer informed the BSE on Friday morning.
A board meeting on 12 August discussed the merits and business case for exploring a restructuring exercise of the business of the Prestige Group along streamlined verticals, namely office, residential, retail, hospitality and property management and other services verticals, to leverage the strengths of each asset class.
“In this regard, the Board has constituted a Restructuring Committee comprising of both Independent & Promoter Directors, to evaluate the various options, oversee corporate governance, engage with such relevant intermediaries & advisors and do such other requisite activities as may be required,” chairman and managing director Irfan Razack said in the notice.
“These exercises are only exploratory in nature, and any restructuring transaction will only be undertaken based on specific corporate approvals, and any regulatory approvals, that may be required, if any,” he said.