D B Realty soars on buzz of likely merger with Adani Realty

12 Sep 2022 , 10:58 AM

Adani Realty is the real estate arm of Indias one of the leading infrastructure and development entities – Adani Group. The company till now has developed close to 15 Mn. Sq. Ft. and has close to 18.8 Mn. Sq. Ft. of real estate space under development, including residential, commercial, and social club projects across Ahmedabad, Mumbai, Pune & Gurugram. DB Realty, founded in 2007, is a leading real estate developer in India. Its portfolio comprises over 100 million sq. ft of prime property. Most of the projects are based in and around Mumbai, and are undergoing various stages of planning and construction. Post merger, D B Realty will be renamed as Adani Realty. The deal will allow the back-door listing of Adani Realty on the stock exchanges. DB Realty requires major funds infusion for its ongoing high-end projects and hence Adani Realty is said to be a suitor. Adani is likely to infuse more funds into D B Realty, which would do a fresh equity issuance to the new investor. This comes after DB Realtys talks with Godrej Properties did not make any headway, the report added. Promoters led by the Vinod Goenka family, Balwa family and a few others put together own 68.89% stake in D B Realty. On a consolidated basis, D B Realty reported net profit of Rs 12 crore in Q1 June 2022 as against net loss of Rs 92.38 crore in Q1 June 2021. Net sales declined 0.14% to Rs 6.94 crore in Q1 June 2022 over Q1 June 2021. Powered by Capital Market – Live News