Prestige Group to acquire 80% stake in Sterling Urban Infraprojects for Rs336 crore
New Delhi: Realty firm Prestige Group on Thursday said it has entered into an agreement to acquire 80% stake in Sterling Urban Infraprojects, which holds land parcels in Bengaluru, for a cash consideration of Rs336 crore.
“The company has entered into a binding agreement for acquisition of 80% stake held by investors and its affiliates in Sterling Urban Infraprojects Pvt Ltd,” Prestige Estates Projects Ltd said in a BSE filing.
“The transaction is in ordinary course of business and is being done at arm’s length on a cash consideration of Rs336 crore,” it added.
Sterling Urban Infraprojects owns around 59 acres of land at outer ring road-Sarjapour, Bengaluru.
“The company intends to develop commercial office space with over six million square feet of developable area,” it said.
The shares of Prestige Estates Projects Ltd were down 0.60% at Rs296.05 from the previous close on BSE on Thursday.