Prestige Estates Projects, South India's leading Property Developers, has infused an amount of Rs 2 lakh to acquire 100% stake in Ariisto Developers on June 23, 2021 for undertaking a realty Project in Mulund Mumbai.

The acquisition has been through a resolution plan submitted by the company in the corporate insolvency resolution process of Ariisto, which was approved by the Committee of Creditors and subsequently by National Company Law Tribunal (NCLT), Mumbai Bench vide its order dated March 23, 2021 and shall be completed in terms thereof.

On June 23, 2021, the company has also paid an amount of Rs 3,700 million, as the upfront cash as per the terms of the approved resolution plan.As per the terms of the resolution plan approved by the NCLT Mumbai bench, the company will pay Rs 3700 million to the lenders of the Project along with 800,000 sq ft commercial space to be developed as part of the Project.

The Project to be undertaken by the company comprises of a mix of residential and commercial use and has a potential saleable area of approximately 7.5 million square feet.

Shares of the company gained Rs 2.50, or 0.86%, to trade at  Rs 292.05.  The total volume of shares traded  was  14,590 at the BSE (11.28 a.m., Friday).