Prestige Estates Projects Limited has agreed to acquire a 50% stake in Advent Convention and Hotels International Limited for Rs 504 crore to develop a commercial project in Mumbai. The transaction, finalized through an investment agreement on July 3, 2026, targets a project with a Gross Development Value of approximately Rs 4,500 crore, marking a significant expansion in the Mumbai real estate market.

Acquisition Details

The company and its wholly owned subsidiary will infuse up to Rs 504 crore in cash consideration to secure the 50% shareholding. Advent Convention and Hotels International Limited, incorporated in 2024, is a public limited company engaged in real estate development. The target entity reported nil turnover for the financial years 2024-25 and 2025-26.

Project Overview

The primary objective of the acquisition is to develop a commercial project on land measuring 21,978.22 sq. mts. located at Sahar, Village - Andheri, Taluka - Andheri East, District - Mumbai Suburban District. The project is expected to feature a total leasable area of approximately 1.50 million sq. ft.

Transaction Timeline and Approvals

The acquisition is scheduled to be completed within 45 days from the date of the agreement, unless mutually extended by the parties involved. The filing confirms that the transaction does not fall within related party transactions, and the promoter or promoter group of Prestige Estates Projects holds no interest in the deal. No specific governmental or regulatory approvals were listed as required for the transaction.

Prestige Estates Projects has issued a corporate guarantee for a loan of up to ₹450 Crores availed by its subsidiary, Prestige Projects Private Limited, from Bajaj Housing Finance Limited. The guarantee was provided on an arm's length basis in compliance with the Companies Act, 2013 and SEBI Listing Regulations. The company stated that this guarantee constitutes a contingent liability with no immediate financial impact.

The disclosure was made to the stock exchanges on July 1, 2026, under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The filing confirmed that the promoter and promoter group do not have any interest in this transaction.

The loan facility has been extended by Bajaj Housing Finance Limited to the subsidiary. The corporate guarantee secures this borrowing, which is part of the consolidated group operations.

Details of the Guarantee

The following table outlines the key particulars of the loan facility secured by the corporate guarantee:

The company clarified that the guarantee is a contingent liability and, at this stage, there is no impact on the financials of Prestige Estates Projects Limited. The transaction was approved and executed in accordance with applicable regulatory provisions.