D B Realty Shares Rise On Decision To Sell 100% Stake In Real Gem Buildtech For Approx. Rs.231.42 Crore

D B Realty informed via an exchange filing on Tuesday that it has executed a Share Purchase Agreement on November 6, 2023, to dispose off/sale of its 100% stake in equity and preference shares in Real Gem Buildtech Private Limited (RGBPL) for a consideration of approx. Rs.231.42 crores to Kingmaker Developers Private Limited ("KDPL"/"Purchaser"), a company of Rustomjee Group.

Following this announcement, the stock was up 3.92% at Rs 188.40 per share at 10:59 a.m. IST today.

According to the company, consequent upon the aforesaid sale, RGBPL shall cease to be a wholly owned subsidiary of the Company. The company said, "In light of the above, the Scheme of Arrangement filed earlier by RGBPL with National Company Law Tribunal, Mumbai Bench for transferring the Project "Rustomjee Crown" will be redundant and shall stand withdrawn. Necessary application for the same shall be filed by RGBPL in due course." As per the company, the above transaction will lead to a considerable amount of free cash flow to the Company.

After bottoming out at around Rs 60 per share levels in March 2023, this Rekha Jhunjhunwala stock on Monday reached a new 52-week high of Rs 182.50 per share on NSE.

D B Realty is a multi-bagger stock as the company's shares have gained 100% in this year so far. In the last one year, the returns from the stock has increased 88.71%.

Rekha Jhunjhunwala shareholding

As per the DB Realty Q2FY24 shareholding pattern, Rekha Jhunjhunwala holds one crore shares of the company, which is 1.99% of the total paid-up capital of the company.