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