Godrej Properties cancels Rs 700 cr investment plan in DB Realty

09 Feb 2022 CW Team

Godrej Properties Limited (GPL), one of India's leading real estate firms, has decided to cancel its investment plan of Rs 700 crore in DB Realty Limited to acquire a 10% stake in setting up a joint platform.

The company announced that it would invest Rs 400 crore for the acquisition of a 10% stake in DB Realty and Rs 300 crore to set up a joint platform for its slum redevelopment project.

According to the deal, the size of the joint platform between Godrej Properties and DB Realty was Rs 600 crore, Rs 300 crore each.

There was concern with respect to the structure of the plan, the rationale for the investment in DB Realty and the merits of investing through the joint platform.

The Board members have decided not to proceed with further evaluation of a potential investment in the equity capital of DB Realty and the joint platform.

The Board has authorised Godrej Properties to engage with DB Realty and to ensure appropriate and timely dissemination of the information by DG Realty to the stakeholders.

Executive Chairman of Godrej Properties, Pirojsha Godrej, said that the company will invest nearly Rs 400 crore in DB Realty for a 10% stake through the issue of warrants. With this deal, the company plans to enter into a slum redevelopment business.

The Board has approved the evaluation of a potential investment in DB Realty through warrants convertible into equity and setting up a Special Purpose Vehicle (SPV) as a joint venture (JV) with DB Realty to undertake slum rehabilitation and the Maharashtra Housing and Area Development Authority (MHADA) redevelopment projects.

Godrej has its presence across India, including Mumbai, Pune, Bengaluru and Delhi National Capital Region (NCR).

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Also read: Godrej Properties Q2 results: Net profit increases 403% at Rs 35.72 cr

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