D B Realty raises Rs 3.01 billion by selling 2.91% stake

The promoter group had sold 10.46 million shares of D B Realty, representing a 2.91% stake. According to the company, Rs 3.01 billion was raised through the sale of these shares. As per the company's statement, a significant portion of the proceeds from the sale of the shares, after deducting taxes, was reinvested by the promoters into the company. This reinvestment was made towards the repayment of related party transactions and an unsecured interest-free loan. The company mentioned in a regulatory filing that the funds infused through this process allowed the company to fully retire its entire debt. Consequently, the company is expected to be debt-free on a standalone basis on or before November 30, 2023. As of September 30, 2021, the company had a standalone debt of Rs 13.73 billion and a consolidated debt of Rs 31.40 billion. The company stated in a media release that it has been steadfastly working towards becoming debt-free and has pursued asset monetisation and joint ventures to achieve this objective. In addition to these measures, the company also underwent a de-coupling exercise with the promoter group. Previously, it had invested Rs 15 billion in various promoter group entities. However, as of the present date, the company has completely divested from all its investments in the promoter group companies and has successfully recovered its entire preferential investment.