Prestige Estates shelves ₹2,700 cr hotel biz IPO amid market uncertainty

•Prestige Estates shelved plans for a ₹2,700 cr hotel business IPO due to uncertain market conditions and strategic considerations.

•The company had filed a Draft Red Herring Prospectus with Sebi in April last year to raise up to ₹2,700 crore.

•PHVL may consider a fresh IPO filing in the future, subject to suitable market conditions and approvals.

•Prestige Estates received a ₹3,000 cr investment commitment from Canada-based CPPIB in August this year.