DB Realty has executed a share purchase agreement to sell its entire stake in subsidiary Royal Netra Constructions Private Limited (RNCPL), according to a corporate announcement filed after market hours on August 24. The stock shed 1.83 percent to Rs 155.20 at 10:55am on August 25.
The realty major is selling the 9,825 shares of RNCPL at Rs 2,600 per share, amounting to Rs 2.55 crore. The company said RNCPL has registered a loss of Rs 1.02 crore in FY22-23.
DB Realty is involved in real estate construction, development and other related activities. The company’s portfolio includes over 100 million sq ft and includes various properties around planning and construction phase in Mumbai.
In its June quarterly results, DB Realty reported a net loss of Rs 22.55 crore against Rs 12 crore profit from the previous year. Earnings Before Interest Taxes Depreciation and Amortization similarly stands at negative at Rs 2.47 crore as opposed to Rs 9.22 crore in the previous year. Revenues decreased 64.94 percent to Rs 2.43 crore in the quarter.
The DB Realty stock, however, surged 103.81 percent in the last one month and 173.24 percent in the last six months.
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