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> PRESTIGE PROJECTS PRIVATE LIMITED

PRESTIGE PROJECTS PRIVATE LIMITED

Sector Focus Real Estate | Highest Credit Rating ICRA A (Stable) by ICRA

July 25, 2023 | 9 min read

PRESTIGE PROJECTS PRIVATE LIMITED

Sector Focus Real Estate Highest Credit Rating ICRA A (Stable) by ICRA

Yield
11.7500% XIRR

Coupon
11.7500 % p.a

Rating
ICRA A (Stable)

ISIN
INE757O07049

Maturity / Call Date
March 05, 2027

About the Issuer

Incorporated in 1986, Prestige group is involved in real estate development since 37+ years.
Prestige Estates, Flagship Entity, is listed company on NSE & BSE and has market Cap of approx Rs. 47,306 Crore as on 11th March 2024.
Prestige Projects Pvt. Ltd. (PPPL) is 60% Subsidiary of Prestige Estates Projects Limited (PEPL). Prestige Estates is India’s one of the largest real estate developer with its peer comprising of Lodha, DLF and Sobha.
Prestige Estates has been graded CRISIL DA1+ (Excellent) by CRISIL as on 20th Jan, 2023 and enjoys a credit rating of ICRA A+ as on 1st March, 2024.
Recently launched Prestige City, Sarjapur, near Banglore, has sold 98% of 11.96 Million square feet of area. PPPL has a significant launch pipeline of 17.1 Million Sq. feet (PPPL’s share) for FY2024.
Developed over 291 projects with total 176 Million square feet of completed development of which Major operations in Bangalore along with presence in other markets such as Mumbai, Hyderabad, Chennai, Kochi and Delhi.

Key Strengths

Strong Cash Flow generated through Projects- PPPL’s ongoing projects boast robust sales figures, ensuring ample cash flow coverage. Situated on a sprawling 171-acre land parcel near Sarjapur Road in East Bangalore, The Prestige City is shaping into a vibrant integrated township, featuring plotted developments, villas, residential apartments, and a retail mall.
Healthy Ratio of Receivables – PPPL maintains a healthy ratio of receivables to pending construction costs and debt outstanding, standing at an impressive 78% as of December 31, 2023.
Strong Parentage: PPPL a subsidiary of Prestige Estates, which is part of the renowned Prestige Group, brings the strength of a solid lineage with successful ventures in Bengaluru’s real estate market.

Credit Rating Agency

Rating Outlook

Date

ICRA

ICRA A (Stable)

as on July 25, 2023

Credit Rating Agency	ICRA
Rating Outlook	ICRA A (Stable)
Date	as on July 25, 2023

Product Offerings include

Residential

Commercial

Retail

Hospitality

Source: Annual Report & Information Memorandum of PRESTIGE PROJECTS PRIVATE LIMITED

Key Highlights of Term Sheet

Seniority (Senior or subordinated)

Senior

Type of Instrument

Senior, Secured, Listed, Rated, Redeemable, NCDs

Rating of the Instrument

“A (Stable)” by ICRA

Face Value & Issue Price

INR 1,00,000/- per Debenture

Coupon Rate

11.7500% p.a.

Coupon Payment Frequency

Quarterly and on Redemption Date

Date of Allotment

March 07, 2024

Final Redemption Date

March 05, 2027

Redemption Amount

Bullet, At par

Put Option Date

September 05, 2025

Put Price

At Par

Call Option Date

September 05, 2025

Call Price

At Par

Mode of Issue

Private Placement

Listing

Listed on the WDM of the NSE Limited

Debenture Trustee

Catalyst Trusteeship Limited

Registrar & Transfer Agent

Link Intime India Private Limited

Disclaimer:

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