DB Realty hits upper circuit on Rakesh Jhunjhunwala stake

Updated: Tuesday, October 16, 2012, 9:27 [IST]

Shares of the DB Reality hit the upper end of the circuit filter for the second day in a row, after reports that high profile investor, Rajesh Jhunjhunwala's RARE Enterprises bought a 4% stake on offer by a private equity player.

On Friday, the companies stock was locked in the upper circuit due to block deals on the counter. As per the Economic Times, Trinity Capital had exited D B Realty and Enam has been instrumental in the sale process.

The company shares hit the upper circuit of 5% with only buyers at the counter. The shares were locked at Rs 98.5 on BSE.

The company recently in its board meeting approved the issuance of upto 3.70 crores warrants on preferential allotment basis to Promoters/Promoter Group (s), with each warrant convertible into one equity share of the Company as per SEBI Guidelines and subject to the approval of the shareholders and concerned authorities.

The Board has also approved the issuance of Shares under ESOP Scheme to eligible employees, subject to SEBI Guidelines and necessary approvals.

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