Ace investor Rakesh Jhunjhunwala, others to pick up stake in D B Realty

developer D B Realty will allot 5 crore warrants to investors, including and his wife, within days of Godrej Properties cancelling its plans to invest Rs 700 crore in the company to pick up 10 per cent stake and set up a joint platform.

The company will raise Rs 1,575 crore through 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, D B Realty said the board in its meeting held on Wednesday approved allotment of further 5 crore warrants convertible into equivalent numbers of equity shares to six non-promoter investors.

The company proposes to allot 1 crore warrants each to Rekha Jhunjhunwala, Rakesh Jhunjhunwala’s RARE Investments, Abhay Chandak and Aditya Chandak. It will also allot 50 lakh warrants each to Lotus Family Trust and KIFS Dealers.

D B Realty had proposed to allot 5 crore warrants to Godrej Properties, but the deal got cancelled.

According to the filing, the proposed allotment of 5 crore warrants is in addition to 7.7 crore warrants to be issued to promoter group and Pinnacle Investments, thus taking the total warrants issued to 12.7 crore.

In the first round, the company has already allotted 13.05 crore warrants to its promoters and Pinnacle Investments, which is a partnership between Prestige group promoter Razack Family Trust and Prestige group CEO Venkata Narayana Konanki.

Post-conversion of warrants into equity shares, the company said the promoters will hold 54.08 per cent stake in the company, Pinnacle Investments 17.97 per cent and these six new investors together 9.98 per cent.

See also  Smartphones maker Oppo India to set up power, performance lab by March

“The total fund infusion into DB Realty Limited post conversions of warrants allotted and proposed to be allotted to Pinnacle Investments, DB Promoters and New Investors will be approximately Rs 1575 crore,” the filing said.

The funds raised through the warrants would be utilised primarily to repay debt and augment long term capital requirement of the company.

“Pursuant to the infusion of funds, the company on a stand alone basis is expected to be debt free on 31st March, 2022. The company believes that it is going to play a pivotal role in Mumbai with a portfolio of more than 100 million sq ft of prime in Mumbai Metropolitan Region,” the filing said.

The inclusion of blue chip investors clearly indicates the confidence and faith the investors have in intrinsic value of the company and its business, it added.

“From a peak liability of Rs 4142 crore, the company expects to be debt free in the near term. The focus of the company going forward is to partner with established large real estate developers to unlock the value of its large real estate portfolio. This balance sheet light model will enable the company to remain largely debt free going forward too,” D B Realty said.

Real estate firm Godrej Properties has decided to cancel its plans to invest Rs 700 crore in DB Realty to acquire 10 per cent stake and set up a joint platform amid concerns raised by minority shareholders and other stakeholders.

Last week, Godrej Properties had announced that it would invest Rs 400 crore to acquire around 10 per cent stake in DB Realty and another Rs 300 crore to set up a joint platform for undertaking slum redevelopment projects.

See also  YES Bank up 11%, hits 52-week as CARE Ratings upgrade outlook to 'positive'

But on Friday, Godrej Properties decided to cancel the deal amid concerns raised by minority shareholders and other stakeholders.

“We’ve decided against going ahead (with the deal with D B Realty) post the feedback we received from various stakeholders including our minority investors, Godrej Properties Executive Chairman Pirojsha Godrej said.

“There were concerns with the structure of the investment as well as with the slum redevelopment business in general,” he had said.

Godrej Properties had said it might continue to explore the possibility of evaluating projects with DB Realty on a case-to-case basis.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Source link

© 2022, Admin. All rights reserved.

istanbul escort aksaray escort arnavutköy escort ataköy escort avcılar escort avcılar türbanlı escort avrupa yakası escort bağcılar escort bahçelievler escort bahçeşehir escort bakırköy escort başakşehir escort bayrampaşa escort beşiktaş escort beykent escort beylikdüzü escort beylikdüzü türbanlı escort beyoğlu escort büyükçekmece escort cevizlibağ escort çapa escort çatalca escort esenler escort esenyurt escort esenyurt türbanlı escort etiler escort eyüp escort fatih escort fındıkzade escort florya escort gaziosmanpaşa escort güneşli escort güngören escort halkalı escort ikitelli escort istanbul escort kağıthane escort kayaşehir escort küçükçekmece escort mecidiyeköy escort merter escort nişantaşı escort sarıyer escort sefaköy escort silivri escort sultangazi escort suriyeli escort şirinevler escort şişli escort taksim escort topkapı escort yenibosna escort zeytinburnu escort porno 1080p porno izle 4k porno izle 720p porno izle abella danger alman alman porno alman porno izle aloha tube porno amatör amatör porno amatör porno izle anal anal porno anal porno izle arap porno asa akira porno asyalı porno bangbros porno bangbros porno izle banyoda sikis başörtülü porno beeg porno izle beyaz tenli porno izle biseksuel porno izle bisexsuel porno brandi love porno brazzers brazzers porno izle canli porno canli porno izle çinli porno çinli porno izle ensest porno ensest porno izle ensest seks erotik porno erotik porno izle esmer porno esmer porno izle etek altı fake agent fake taxi fake taxi porno fantazi pornoları fantezi porno izle fetiş porno fetiş porno izle fetish fransız porno fransız porno izle full hd hg porno izle gangbang porno genç kız porno izle genç kız sikişi genç teen porno izle gizli çekim porno gizli çekim pornosu grup pornosu grup porno grup porno izle hd pornolar hd porno hd porno izle hemşire porno hemşire pornosu hizmetçi porno hizmetçi porno izle ingiliz porno japon pornoları japon porno kızlık bozma kızlık bozma porno izle konulu porno konulu porno izle koreli porno köylü pornoları kumral porno kumral porno izle latin pornoları latin porno latin porno izle lezbiyen pornoları lezbiyen porno lezbiyen porno izle lisa ann porno liseli pornoları liseli porno liseli porno izle manken porno manken porno izle masaj porno izle masturbasyon porno izle masturbasyon pornoları mature porno mia khalifa porno mia malkova porno milf porno izle mobil porno mobil porno izle öğrenci porno izle öğretmen porno izle okul porno izle olgun kadın pornosu olgun porno oral porno oral porno izle oral seks porna izle pornhub pornhub porno izle porno film izle porno indir porno izle porno resimler porno star porntube porno izle redtube redtube pornoları riley reid porno rokettube rus pornoları rus porno rus porno izle sakso blowjob porno izle sarışın pornoları sarışın porno sarışın porno izle sarışın pornoları sekreter porno shemale sikiş sikiş sikiş izle şişman porno siyahi pornoları suriyeli pornoları swinger porno tecavüz porno teen porn türbanlı pornoları türbanlı porno türk pornoları türk porno türk porno izle türkçe altyazılı porno türkçe altyazılı porno izle xhamster pornoları xhamster porno xhamster porno izle xnxx xnxx porno xnxx porno izle xvideos xvideos porno izle yaşlı porno yeşilçam porno izle youjizz youporn youporn porno izle zenci porno güvenilir bahis siteleri bahis siteleri casino deneme bonusu casino siteleri deneme bonusu para yatırma bonusu bahis siteleri casino siteleribahis sitesi para yatırma