DB Realty to allocate five crore warrants to investors

10 Feb 2022 CW Team

The firm will raise Rs 1,575 crore via the issue of warrants in multiple tranches to the promoter group and other investors as part of its plan to become debt-free. In a regulatory filing, DB Realty told the media that the board in its meeting conducted on Wednesday sanctioned allotment of a further five crore warrants convertible into equivalent numbers of equity shares to six non-promoter investors.

The firm offers to assign one crore warrants, each to Rekha Jhunjhunwala, Rakesh Jhunjhunwala's RARE Investments, Abhay Chandak and Aditya Chandak. It will additionally allocate 50 lakh warrants each to Lotus Family Trust and KIFS Dealers.

DB Realty had offered to assign five crore warrants to Godrej Properties, but the contract got revoked. As per the filing, the proposed allocation of five crore warrants is in addition to 7.7 crore warrants to be released to promoter group and Pinnacle Investments, therefore taking the total warrants issued to 12.7 crore. In the first round, the firm has already allotted 13.05 crore warrants to its promoters and Pinnacle Investments, which is a collaboration between Prestige group promoter Razack Family Trust and Prestige group CEO Venkata Narayana Konanki. Post-conversion of warrants into equity shares, the firm said the promoters will hold a 54.08% stake in the firm, Pinnacle Investments 17.97% and these six new investors together 9.98%.

The total fund investment into DB Realty Limited post conversions of warrants allocated and offered to be allotted to Pinnacle Investments, DB Promoters and New Investors will be around Rs 1575 crore, as per the filing. The funds raised via the warrants would be used mainly to repay debt and augment the long term capital requirement of the firm.

Image Source

Also read: Godrej Properties cancels Rs 700 cr investment plan in DB Realty

Real estate developer DB Realty will assign five crore warrants to investors, comprising Rakesh Jhunjhunwala and his wife, within days of Godrej Properties revoking its plans to infuse Rs 700 crore in the firm to pick up a 10% stake and install a joint platform. The firm will raise Rs 1,575 crore via the issue of warrants in multiple tranches to the promoter group and other investors as part of its plan to become debt-free. In a regulatory filing, DB Realty told the media that the board in its meeting conducted on Wednesday sanctioned allotment of a further five crore warrants convertible into equivalent numbers of equity shares to six non-promoter investors. The firm offers to assign one crore warrants, each to Rekha Jhunjhunwala, Rakesh Jhunjhunwala's RARE Investments, Abhay Chandak and Aditya Chandak. It will additionally allocate 50 lakh warrants each to Lotus Family Trust and KIFS Dealers. DB Realty had offered to assign five crore warrants to Godrej Properties, but the contract got revoked. As per the filing, the proposed allocation of five crore warrants is in addition to 7.7 crore warrants to be released to promoter group and Pinnacle Investments, therefore taking the total warrants issued to 12.7 crore. In the first round, the firm has already allotted 13.05 crore warrants to its promoters and Pinnacle Investments, which is a collaboration between Prestige group promoter Razack Family Trust and Prestige group CEO Venkata Narayana Konanki. Post-conversion of warrants into equity shares, the firm said the promoters will hold a 54.08% stake in the firm, Pinnacle Investments 17.97% and these six new investors together 9.98%. The total fund investment into DB Realty Limited post conversions of warrants allocated and offered to be allotted to Pinnacle Investments, DB Promoters and New Investors will be around Rs 1575 crore, as per the filing. The funds raised via the warrants would be used mainly to repay debt and augment the long term capital requirement of the firm. Image Source Also read: Godrej Properties cancels Rs 700 cr investment plan in DB Realty

Building Material

11 Dec 2025

Suraj Estate Wins Euromoney Award for India’s Best Residential Developer

"Suraj Estate Developers Limited has received the Euromoney Real Estate Award 2025 for ‘India’s Best Residential Developer’, positioning the company among globally benchmarked leaders in the sector. The recognition reflects its four-decade legacy in delivering high-quality residential and redevelopment-led projects across South Central Mumbai. The Euromoney Real Estate Awards, presented by the London-based Euromoney magazine, are widely regarded as one of the most credible global assessments of performance in real estate, banking and finance. Winners are selected through surveys of inte..

Building Material

11 Dec 2025

Lloyds Metals, Tata Steel Sign MoU to Explore Strategic Collaboration

"Lloyds Metals and Energy Limited has signed a non-binding Memorandum of Understanding with Tata Steel Limited to evaluate potential areas of strategic cooperation across mining, logistics, pelletisation and steelmaking. The MoU was signed by B Prabhakaran, Managing Director of Lloyds Metals, and Mr T V Narendran, CEO and Managing Director of Tata Steel. The partnership framework aims to leverage the natural operational synergies between both companies and assess opportunities in greenfield steel projects, iron ore mining, slurry pipeline infrastructure, pellet manufacturing in iron ore–ric..

Building Material

11 Dec 2025

IndiaAI, Gujarat Govt Host Regional Conclave Ahead of 2026 AI Summit

The IndiaAI Mission under the Ministry of Electronics and Information Technology, along with the Government of Gujarat and IIT Gandhinagar, convened a Regional Pre-Summit Event at Mahatma Mandir, Gandhinagar. The initiative is part of the build-up to the India–AI Impact Summit 2026, scheduled for 15–20 February 2026 at Bharat Mandapam, New Delhi. The conclave brought together senior policymakers, technology leaders, researchers and industry practitioners to examine how AI can accelerate economic, digital and social transformation across sectors. The programme focused on the overarching th..