The shares of one of the leading real estate developers gained up to 6.80 percent on Tuesday after the company disinvested its subsidiary to Rustomjee Group for Rs 231 crores.
At 12:36 p.m., DB Realty Ltd shares were quoted at Rs 189.85 a share, up 5.03 percent from the previous close price. The company has a market capitalization of Rs 9,479 crore.
According to DB Realty Ltd exchange filing, DB Realty executed a Share Purchase Agreement on 06th November, 2023 to dispose off/sell of its 100 percent stake in equity and preference shares in Real Gem Buildtech Private Limited (“RGBPL”) for a consideration of approx. Rs.231.42 crores to Kingmaker Developers Private Limited (“Purchaser”), a company of Rustomjee Group.
Consequent upon the aforesaid sale, RGBPL will be a wholly owned subsidiary of the Rustomjee Group.
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 127 percent in the last six months. A shareholder investment of Rs 1 lakh in the company would be worth Rs 2.27 lakh in the six months.
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 43.95 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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