Prestige Estates Projects announced that through a wholly owned special purpose vehicle the company is in process of acquisition of 66.66% stake in Prestige Projects for a consideration of Rs 3.24 billion. The acquisition in expected to be completed before January 31, 2017.

The stock had underperformed the market over the past one month till Dec. 26, 2017, falling 5.90% compared with the Sensex's 0.98% rise. It outperformed the market in past one quarter, gaining 12.99% as against 7.63% rise in the Sensex.

Shares of the company gained Rs 13.4, or 4.46%, to trade at Rs 314.00. The total volume of shares traded was 33,491 at the BSE (10.39 a.m., Wednesday).