DB Realty to allocate five crore warrants to investors
Real Estate

DB Realty to allocate five crore warrants to investors

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

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

Next Story
Real Estate

Mahindra Lifespaces Bags Rs 12.5 billion Redevelopment in Mulund

Mahindra Lifespace Developers (MLDL), the real estate and infrastructure development arm of the Mahindra Group, has been appointed as the preferred developer for the redevelopment of a premium housing society in Mulund (West), Mumbai. The project will be developed across a 3.08-acre land parcel, with an estimated development value of approximately Rs 12.5 billion. Strategically located, the site enjoys proximity to major connectivity points—just 1.4 km from the upcoming Mumbai Metro Line 5 and 0.8 km from the Goregaon-Mulund Link Road. It also offers seamless access to the Eastern Expre..

Next Story
Infrastructure Urban

Snowman Adds Warehouses in Kolkata and Krishnapatnam

Snowman Logistics, India’s leading integrated temperature-controlled logistics company, has announced the commencement of operations at its two new state-of-the-art, owned cold storage facilities in Kolkata and Krishnapatnam. With these additions, the company’s total pallet capacity has reached 1,50,754, spanning 43 warehouses in 20 cities across the country. The newly operational Kolkata facility offers a storage capacity of 5,630 pallets, while the Krishnapatnam facility holds 3,927 pallets. These warehouses are equipped with advanced automation and infrastructure designed to enhanc..

Next Story
Resources

Noesis Enables IHCL Hotel Deal in Udupi–Manipal Corridor

NOESIS Capital Advisors, India’s leading hotel investment advisory firm, has successfully facilitated a landmark hospitality transaction in the Udupi–Manipal region of Karnataka. The deal involves the acquisition of a nearly completed, 130-key upscale hotel that will operate under one of the premium brands of IHCL, reinforcing NOESIS’ position as a preferred partner for strategic hospitality transactions across India. Strategically located on the Udupi–Manipal Highway, the 1.03-acre property will cater to business travellers, pilgrims and families visiting Manipal University. With..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?