D B Realty to Sell 100% Stake in Real Gem Buildtech for Around Rs 231.42 Crores to Kingmaker Developers

7 Nov 2023 , 02:14 PM

D B Realty has executed a Share Purchase Agreement on November 6, 2023, to sell its 100% stake in equity and preference shares in Real Gem Buildtech Private Limited (RGBPL) for around Rs. 231.42 crores to Kingmaker Developers Private Limited (KDPL), a company of Rustomjee Group.

Following this announcement, the stock rose by 3.92% to Rs 188.40 per share. RGBPL will no longer be a wholly owned subsidiary of D B Realty after the sale. The Scheme of Arrangement filed by RGBPL for transferring the Project ‘Rustomjee Crown’ will be withdrawn as a result of this transaction.

The sale is expected to generate a significant amount of free cash flow for the company. D B Realty’s stock has witnessed significant growth, gaining 100% in the current year and 88.71% in the last year.

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