Canada’s CPP Investments to pick 28% in Prestige Hospitality for Rs.3,000-Cr

The Canada Pension Plan Investment Board (CPP Investments) is to invest INR.3,000 crore in Bengaluru-based Prestige Hospitality Ventures (PHVL), a subsidiary of publicly listed Prestige Estates Projects, in return for a 28% stake. The investment will be executed in multiple tranches through a combination of primary and secondary share purchases.PHVL has a Standalone Revenue of INR 345.9 crore. The company plans to use the capital injection to support its hospitality business operations.