DB Realty ends lower, board gives nod to raise Rs 2,000 crore via QIP

DB Realty fell more than four percent intraday on January 17. The company’s board approved a fundraise of Rs 2,000 crore via the QIP route.

In a meeting, DB Realty’s board of directors gave their nod for “raising of funds by way of issuance of equity shares and / or securities convertible into equity shares, and / or non-convertible debt instruments along with warrants or any combination of securities”, the company told the exchanges.

DB Realty pared some of the losses to end the day 2.76 percent down at Rs 227 on the NSE amid a wide-spread market carnage.

On January 16, Pinnacle Investments, in which Rekha Jhunjhunwala is a shareholder, sold stocks worth Rs 50.09 crore in DB Realty. Pinnacle offloaded 21.43 lakh shares at an average price of Rs 233.65.

In November, the promoter offloaded 1.46 crore shares worth Rs 301 crore or a 2.91 percent stake in the company.

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The stake sale is aimed at turning the company debt-free. The company said 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.

So far, in 2024, shares of the company have gained 21.39 percent. Over the past six months, DB Realty has jumped 200 percent. In comparison, the frontline index Nifty 50 has gained around 10 percent during the same time period.

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