The shares of one of the leading real estate developers gained 5.7 % to ₹ 239.80 apiece on Thursday a day after the company board approved the raising of funds through QIP.
At 12:25 p.m., DB Realty Ltd shares were quoted at ₹237.65 a share, up 4.76 percent from the previous close price. The company has a market capitalization of ₹9,495 crores.
According to DB Realty Ltd’s exchange filing. The company’s Board of directors on Wednesday approved the raising of funds for an aggregate amount of ₹ 2,000 crore through qualified institutional placement (QIP)
Board approved raising of funds by way of issuance of equity shares or securities convertible into Equity Shares, or non-convertible debt instruments along with warrants or any combination of securities thereof in accordance with applicable law, in one or more tranches.
According to the company’s exchange filing. DB Realty Ltd reported a 2500 percent increase in revenue year on year, from Rs 34 crore in Q2FY23 to Rs 890 crore in Q2FY24. During the same period, net profit increased by 58 percent from Rs 565 crore to Rs 893 crore.
As of September 2023, Ace investor Rekha Rakesh Jhunjhunwala holds 1,00,00,000 equity shares in the company, i.e. is equivalent to 1.99 percent of the company.
D B Realty Ltd shares have gained a multi-bagger return of 217 percent in the last six months. A shareholder investment of Rs 1 lakh in the company would be worth Rs 3.17 lakh in the six months.
The company’s revenues have increased by 580 percent year on year from Rs 10 crore in Q2FY23 to Rs 68 crore in Q2FY24, while net profit has increased by 58 percent from Rs 566 crore to Rs 894 crore.
According to the recent shareholding pattern, the company promoters hold a 53.82 percent stake in the company, while Foreign Institutional Investors hold a 2.17 percent stake. And retail investors have a 43.96 percent stake in the company.
The company is engaged primarily in the business of real estate construction, development, and other related activities such as the construction of residential, commercial, retail, and other projects.
Written by Omkar Chitnis
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