DB Realty share price gains 4% on divestment in two subsidiaries

DB Realty plans to sell its stake in Prestige (BKC) Realtors Pvt Ltd and Turf Estate Join Venture LLP.

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DB Realty’s share price gained 4 percent intraday on May 30 as the company plans to divest stake in subsidiaries.

DB Realty has executed securities purchase agreement and deed of transfer of partnership interest on May 29, 2023 for the proposed disinvestment/sale/transfer of its entire holding/interest in two of its subsidiaries.

The company plans to divest stake in Prestige (BKC) Realtors Pvt Ltd. (executing BKC 01 Project at BKC), in which it along with its wholly owned subsidiary holding securities will represent 50 percent holding on a fully diluted basis.

DB Realty will also divest in Turf Estate Joint Venture LLP (executing Turf Project at Dr. E. Moses Road, Mahalaxmi), holding a 50 percent share of profit/loss.

The total consideration to be received from sale/disposal of shares in Prestige (BKC) Realtors is approximately Rs 978.70 crore (Including WOS consideration), which will be used for reducing debt of the company and its related entities, and making further investments.

In the divestment of Turf Estate, DB Realty will receive consideration of Rs 197.79 crore from the stake sale.

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At 11:14 hrs DB Realty was quoting at Rs 86.48, up Rs 0.84, or 0.98 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 23 September, 2022 and 05 July, 2022, respectively.

Currently, it is trading 37.98 percent below its 52-week high and 65.99 percent above its 52-week low.

The share price has risen more than 50 percent in the last 3 months.