DB Realty Plans Hospitality Business Demerger, Raises ₹920 Crore via QIP

15 Mar 2024 , 03:44 PM

DB Realty Ltd’s board greenlights the incorporation of Advent International Ltd as its subsidiary for acquiring the hospitality business via a demerger scheme.

Advent International to acquire DB Realty’s substantial interests in the hospitality sector, which include equity stakes in prestigious hotels like Grand Hyatt in Goa and Hilton in Mumbai.

Shareholders of DB Realty will receive equity shares of Advent International post-demerger, alongside identical shareholding in both companies.

Upon completion, Advent International will be listed on NSE and BSE, aiming to unlock shareholder value and pursue a distinct strategy for capital and operations. Ernst and Young LLP (EY) appointed as advisor for the demerger process.

DB Realty’s board also approves raising ₹920 Crore through Qualified Institutional Placement (QIP), issuing 356.66 lakh equity shares upon successful completion.

The company highlights completing three equity raises totaling approximately ₹2,470 Crores in less than two years.

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