DB Realty gains as Adani firm moves a step closer to acquiring its bankrupt project partner

According to a Bloomberg report, Adani has offered to pay Rs 31.97 crore to financial creditors who were asking Rs 1,658 crore

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The share price of DB Realty gained 1.5 percent on January 10 morning, with Adani Goodhomes all set to acquire bankrupt Radius Estates, the realtor’s partner in Mumbai’s Ten BKC residential project.

At 10 am, the stock was quoting at Rs 90.50 apiece on the National Stock Exchange, up 1.6 percent. The stock has gained 41 percent in the past six months.

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“We would like to inform that MIG (Bandra) Realtors & Builders, a wholly owned subsidiary of the company is holding development rights of the Ten BKC project. The project was being developed in a joint venture with Radius Estates, which underwent corporate insolvency under the Insolvency and Bankruptcy Code (IBC),” DB Realty said in an exchange filing.

Adani Goodhomes submitted a resolution plan in the course of the IBC process, which was approved by more than 83 percent of the committee of creditors of Radius Estates, the filing added.

According to a Bloomberg report, Adani offered to pay Rs 31.97 crore to financial creditors, compared with their ask for Rs 1658 crore. The Adani empire has also promised to deliver about 700 luxury apartments worth more than Rs 800 crore to Radius clients by June 2024.

The work on the Ten BKC project recommenced in January 2022. All RCC (reinforced cement concrete) work is expected to be completed by end of the next month.

“The project is on track to welcome more than 300 homeowners, including all the society members, by Diwali 2023 and complete the entire project by June 2024, with a few months buffer,” said DB Realty.