Prestige Estates Projects Ltd. agreed on preliminary terms for GIC (Realty) Pte. Ltd. subsidiary Reco Jade Ind Pte. Ltd.'s possible minority investment in its business parks development subsidiary.

No further details on the discussions for Prestige Exora Business Parks Ltd. were disclosed in a filing, but Prestige Estates CEO Venkat Narayana told the Press Trust of India in an interview that up to a 40% stake in the unit is at play and a deal is expected to be closed in the next two to three months. Narayana also did not provide financial details on the stake deal.

Unnamed investment banking sources of the news outlet said a deal for a 40% interest could fall within the 26.00 billion-Indian-rupee range, as Prestige Exora's enterprise value is tipped to be roughly 65.00 billion rupees.

As at March 31, 2017, Prestige Exora's total assets were worth about 20.60 billion rupees, with its properties recording fair value of 17.53 billion rupees, according to a filing. The Feb. 27 Press Trust of India report noted that its portfolio of five office projects cover 8.5 million square feet, 5.5 million square feet of which is completed.

As of Feb. 27, US$1 was equivalent to 65.14 Indian rupees.