Shares of Prestige Estate Projects Ltd. advanced on Wednesday after its subsidiary acquired a stake in Dashanya Tech Parkz Pvt.
Prestige Exora Business Parks Ltd. acquired 7.65 lakh equity shares, or 51% of the stake, in Dashanya Tech Parkz on Tuesday for $660.7 million, or Rs 66.07 crore, as per an exchange filing.
Dashanya Tech Parkz is engaged in the business of developing and constructing commercial office space. It recorded a turnover of Rs 245.1 crore for the year ended March 31, 2022, according to the filing.
As of 11:05 a.m., shares of Prestige Estate Projects rose 1.58% to Rs 446.15 apiece, compared to a flat Nifty 50.
The stock gained as much as 4.28% intraday, rising the most since April 12.
Total traded volume so far in the day stood at 1.9 times its 30-day average.
Out of the 20 analysts tracking the company, 19 maintain a 'buy' rating and one recommends a 'hold', according to Bloomberg data. The average 12-month consensus price target implies an upside of 31.4%.
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