DB Realty to look at PE funding for some projects

Real estate firm DB Realty said on Wednesday it will look to raise funds via private equity for a couple of its projects.

The company, which has a debt-to-equity ratio of 0.08:1, has "enough headroom" to raise debt for specific projects when required, a spokesman said in a statement to Reuters.

The company, which has loans worth Rs 247 crore (USD 55 million), reported a 19% jump in annual net profit earlier in the day.

Shares in the firm gained 6.48% on Wednesday to close at Rs 80.55 in a weak Mumbai market, but are down 59% since the start of this year.

Earlier this year, four executives from the firm, including two managing directors, were charged over their alleged involvement in a telecoms licensing scandal. They have denied any wrongdoing.

One of the former managing directors, Shahid Balwa, resigned nearly a month after his arrest in February.