DB Realty shares locked at upper circuit after settlement deal with lender

The company has agreed to pay an amount of Rs 185.60 crore to the lender as full and final settlement in various tranches.

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Shares of DB Realty were locked at 5 percent upper circuit on January 12 after the company executed settlement agreements with its lender.

DB Realty and its wholly owned subsidiary Goregaon Hotel and Realty Private Ltd executed settlement agreements with Reliance Commercial Finance on January 10 for the loans disbursed earlier, according to a statement from the company.

In line with the company’s objective to reduce its debt obligations, both parties have agreed to settle all the claims in relation to the loan agreements by way of amicable settlement in accordance with the terms and conditions as detailed in the settlement agreements.

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The company has agreed to pay an amount of Rs 185.60 crore to the lender as full and final settlement in various tranches. Goregaon Hotel has agreed to pay Rs 214.40 crore to the lender as full and final settlement in various tranches.

The settlement amounts shall be payable in various tranches before March 31, 2025.

On realisation of the amount of the first installment, the parties have undertaken to unconditionally withdraw all the litigations, proceedings, and claims made or filed against each other.

At 9:59am, DB Realty was quoting at Rs 89.50, up Rs 4.25, or 4.99 percent on the BSE. The share touched a 52-week high of Rs 139.45 and a 52-week low of Rs 52.10 on September 23 and July 5, respectively.

It was trading 35.82 percent below its 52-week high and 71.79 percent above its 52-week low on Thursday.