DB Realty Hit 52W High On Rs 1,544 Cr Fund Raise By Preferential Issue of 25.75 Cr Warrants

D B Realty Limited, a real estate developer, reported on Monday that it has raised up to Rs 1,544 crore through the preferential issuance of 25,75,00,000 convertible warrants to promoter groups and non-promoters in two phases/rounds in the months of February and March 2022.

"We are pleased to announce that an amount of INR 1544 Crores has been infused in DBR and all Convertible Warrants have been converted into equity shares in compliance with SEBI Regulations," said the realty giant in a stock exchange filing.

Pinnacle Investments, Rekha Jhunjhunwala, and RARE Investments were allotted 9,00,00,000 equity shares or 17.94 per cent, 1,00,00,000 equity shares or 2 per cent and 1,00,00,000 equity shares or 2 per cent of the equity shares of the company, respectively.
Additionally, 1,00,00,000 equity shares or 2% each were given to Abhay Chandak and Aditya Chandak. While M/s KIFS Dealers and Lotus Family Trust each received 50,000 equity shares, or 1%, of the total.

"DBR has utilised / shall utilise the funds raised through issue of Warrants convertible into equity shares on preferential basis leading to reduction of debt of INR 1404 Crores (including release of contingent liabilities) and further investments/acquisition of new assets and to meet various requirements of its ongoing projects and working capital of the Company," the company said in a stock exchange filing.

The company has entered into joint ventures, partnerships, and other agreements during the past year with major real estate developers such Adani Good Homes Private Limited, Godrej Residency Private Limited, and Prestige Group companies.

"The Company is focused to be debt free in the near term and is continuously exploring avenues to partner with established large real estate developers to monetize its significant real estate holdings in excess of 600 acres," said DB Realty in a stock exchange filing.
On Monday, the shares of DB Realty opened on the BSE at Rs 162.05 apiece and gained 7.21% to hit a fresh 52-week-high of Rs 174.35.