DB Realty rallies 3% after Rs 301-cr stake sale by promoter to go debt-free

The company stated that a substantial portion of the proceeds from the stake sale has been infused back by the promoters into the company to pay its entire debt.

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Shares of DB Realty opened 3 percent higher on November 28 on the back of a Rs 301-crore deal in which the promoter offloaded around 1.46 crore shares or a 2.91 percent stake in the company.

At 9.17 am, shares of DB Realty were trading 2.7 percent higher at Rs 210 on the NSE.

The stake sale is aimed at turning the company debt-free. The company stated that a substantial portion of the proceeds from the stake sale has been ploughed back by the promoters into the company to square off its entire debt.

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Apart from this stake sale, the company had also announced plans to divest its 100 percent stake in Real Gem Buildtech to Rustomjee Group’s Kingmaker Developers to pare its debt. The deal is expected to earn the realty major Rs 231.42 crore.

The realty major had also posted a strong set of earnings for the July-September quarter with the net profit surging over 55 percent on-year on the back of a manifold jump in revenue.

Not just that, shares of DB Realty have also been a multibagger, surging over 120 percent in the year-to-date.

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