Shares of Prestige Estates Projects surged 3 per cent on Monday, following the board’s approval of fundraising plans, amounting to ₹5,000, via qualified institutional placement (QIP) on June 21, 2024.

The shares hit a 52-week today on the NSE at ₹2,074.80. It climbed 3.21 per cent as of 2.32 pm, to trade at ₹2,046.85.

On the BSE, the stock rose 2.68 per cent, to trade at ₹2,044.10 as of 2.40 pm.

In addition, the board also approved plans to monetise assets in the hospitality segment, by way of issue of shares (through primary, or secondary or both).

The company had recorded its standalone net profit for the quarter ended March 31, 2024, at ₹66.7 crore as against ₹45.2 crore, in the corresponding quarter last year.