Major $595 Million QIP for Prestige Estates

Prestige Estates Projects has successfully completed a $595 million Qualified Institutional Placement (QIP) of shares. This transaction has been a notable highlight in the equity capital markets of 2024, marking one of the largest placements in recent years.

The legal advisory for this high-profile deal was spearheaded by the renowned firm CAM, which provided comprehensive guidance to Prestige Estates Projects throughout the placement process. CAM’s team, led by partner Reuben Chacko and principal associate played a pivotal role in navigating the complexities of the transaction.

Supporting the transaction, Trilegal and White & Case provided advisory services to the lead managers involved in the QIP. The lead managers, which included prominent financial institutions such as JM Financial, CLSA India, JP Morgan India, and Kotak Mahindra Capital, played a crucial role in facilitating the placement. Trilegal’s capital markets team was instrumental in advising on the regulatory and compliance aspects of the deal. The QIP market has seen a notable resurgence in 2024, with 55 companies raising nearly $7 billion in the first eight months of the year. This represents the second-highest amount ever recorded, trailing only behind the peak activity seen in 2020. In recent months, CAM and Trilegal have been actively involved in several major QIPs, including advising Adani Energy on a $1 billion placement in August and Vedanta on a similar $1 billion placement in July, showcasing their leading roles in the market.