A substantial portion of the proceeds from the sale of the said shares (net of tax) has been infused back by the promoters into the company as repayment of related party transactions and unsecured interest free loan. The funds so infused has enabled the company to retire its entire debt and therefore the company on a standalone basis shall be debt free on a standalone basis on or before 30 November 2023.

The company's journey to become debt free started about 3 years ago when the Company had a debt of Rs 1,373 crore (standalone) and Rs 3,140 crore (consolidated) as of 30 September 2021. Since then, the Company has single mindedly focused on becoming debt free and has undertaken asset monetization and joint ventures as a route to achieving this goal.

In addition to the above, the company also undertook a massive de-coupling exercise with the promoter group. The company had in the past invested Rs.1500 crore in various promoter group entities. As on date the company has completely exited all its investments in the promoter group companies with recovery of its entire preferential investment.

This massive decoupling exercise resulted in cash flow becoming available to the company and which resulted in the company acquiring 100% stake in the Grand Hyatt Goa, 75% stake in the Hilton Mumbai & 50% stake in the upcoming Marriott Marquis Hotel & Convention Centre, St. Regis, Aerocity & Prestige Trade Centre at Delhi and which marked an entry into the hospitality business.

The management believes that the best years for the company lie ahead with formidable land holding in excess of 600 Acres and marquee partners such as Prestige Estate Projects Ltd (PEPL), Godrej Properties (GPL) and many other future partnerships that are “work in progress”.