Prestige Estates Projects shares surged as much as 5% to an intraday high of ₹1,488.50 on the National Stock Exchange on Wednesday, September 30, after its hospitality unit raised ₹3,000 crore from the Canada Pension Plan Investment Board by diluting a 27% stake. The investment gives CPPIB an approximate 27% ownership in Prestige Hospitality Ventures Limited. The majority of the capital will be used to expand the hospitality platform, the company said.

According to a regulatory filing, CPPIB will acquire approximately a 27% stake in Prestige Hospitality Ventures Limited. PHVL owns and operates a portfolio of luxury and premium hotels in key cities across India. Prestige Estates recently shelved plans to launch an IPO of PHVL due to uncertain market conditions and other factors.

Commenting on the transaction, Irfan Razack, Chairman and Managing Director of Prestige Group, said, “Hospitality is an important part of Prestige’s long‑term growth strategy, and we see opportunity to build a portfolio across India. We are pleased to welcome CPPIB as a partner in Prestige Hospitality Ventures.” Razack further stated that CPPIB’s long‑term investment approach complements Prestige’s development capabilities and market understanding, adding that “together we look forward to creating a hospitality platform of scale while delivering distinctive experiences for our guests and long‑term value for our stakeholders.”

At around 2:03 PM, shares of Prestige Estates Projects were trading 4.66% higher at ₹1,483.50 per unit. The scrip has declined 9% over the month and more than 7% on a year‑to‑date basis. While the stock hit a 52‑week high of ₹1,805.20 on November 3, 2025, it touched a year’s low of ₹1,090 on April 2, 2026. Prestige Estates Projects has a total market capitalisation of ₹62,929.69 crore as of September 30, 2026, according to data on the NSE.

With the ₹3,000 crore infusion, Prestige Hospitality Ventures will focus on expanding its luxury and premium hotel portfolio across India. The majority of the capital will be deployed to grow the hospitality platform, as stated by the company. This move follows the shelving of a planned IPO for PHVL amid uncertain market conditions.