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

The promoter group announced the sale of 10.46 million shares of D B Realty, signifying a 2.91% stake and generating Rs 3.01 billion in proceeds. A substantial portion of the funds obtained from the sale, after deducting taxes, was reintroduced by the promoters into the company. This was done through the repayment of related party transactions and an interest-free unsecured loan. The company stated in a regulatory filing that the injection of these funds allowed it to retire its entire debt. Consequently, the company is expected to be debt-free on a standalone basis by or before November 30, 2023. As of September 30, 2021, the company had a debt of Rs 13.73 billion (standalone) and Rs 31.40 billion (consolidated). The company emphasised its dedicated efforts to achieve a debt-free status through asset monetisation and joint ventures. Furthermore, the company disclosed that it underwent a de-coupling exercise with the promoter group. In the past, it had invested approximately Rs 15 billion in various promoter group entities. However, as of the current date, the company has completely divested from all investments in the promoter group companies, successfully recovering its entire preferential investment.