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ICICI Securities Report
Prestige Estates Projects Ltd. has informed that it has signed a non-binding Letter of Intent (LoI) with the Blackstone Group for the sale of company's direct and indirect interest in its office, retail, hotel properties and property/facilities management businesses.
The consummation of any transaction between the parties will be subject to completion of due diligence, finalisation of the transaction structure and receipt of approvals.
We currently value Prestige Estates's share in these businesses at an enterprise value of Rs 142 billion.
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