DB Realty rebounds, freezes at 5% upper circuit; gains 181% in seven weeks


Shares of DB Realty were frozen in the 5 per cent upper circuit at Rs 105.90, bouncing 10 per cent up from their intra-day low of Rs 95.90 on the BSE in Monday’s intra-day trade on the back of heavy volumes, despite Godrej Properties cancelling its plans to invest Rs 700 crore in the real estate company.


The trading volumes on DB Realty’s counter jumped over five-fold with a combined 5.77 million shares having changed hands till 01:17 pm. There were pending buy orders for 1.8 million shares on the NSE and BSE. In comparison, the S&P BSE Sensex was down 1.4 per cent or 847 points at 57,798.





The stock was trading at its 52-week high level and has zoomed 181 per cent in the past seven weeks. In the previous one month, it has rallied 78 per cent, as against a 3 per cent decline in the S&P BSE Sensex.


DB Realty on Sunday announced that its board is scheduled to meet on Wednesday, February 9, 2022 to discuss and consider the proposal for raising of funds by way of private placement / preferential issue of convertible warrants/ equity shares / other equity linked securities.


On Friday, the Mumbai-based real estate major Godrej Properties said it had decided not to go ahead with the proposed investment in DB Realty. The company said the decision was taken after receiving shareholders’ feedback.


The day before, Godrej Properties had announced a plan to invest Rs 400 crore for around 10 per cent stake in DB Realty and another Rs 300 crore to set up a joint platform for undertaking slum redevelopment projects. The total size of the joint platform of Godrej Properties and DB Realty would have been Rs 600 crore, with each party contributing Rs 300 crore.

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On January 4, 2022, the board of directors of D B Realty had approved raising of funds through a issue of 130.5 million warrants convertible into equivalent number of equity shares of the face value of Rs 10 each to promoters /promoter group and non – promoter investor on a preferential basis.


Ace Investor Rakesh Jhunjhunwala’s wife Rekha Rakesh Jhunjhunwala held 5 million or 2.06 per cent stake in D B Realty as on December 31, 2021, the shareholding pattern data shows.

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