DB Realty experienced a robust opening on November 28, with its shares soaring 3 percent following a significant Rs 301-crore transaction. In this strategic move, the company’s promoter divested approximately 1.46 crore shares, equating to a 2.91 percent stake.
As the clock struck 9:53 am, DB Realty’s shares continued their upward trajectory, marking a 1.30 percent increase and settling at ₹207.05 on the NSE.
The motive behind this stake sale is to propel DB Realty towards a debt-free status. The company clarified that a substantial portion of the funds garnered from the divestment has been reinvested by the promoters directly into the company, effectively eliminating the entirety of its existing debt burden. This financial maneuver positions DB Realty on a path of fiscal strength and resilience in the ever-evolving real estate landscape.
