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DB Realty defaults on payment worth Rs 698 crore

The company is engaged in residential, commercial, retail and other projects, such as mass housing and cluster redevelopment.

Mumbai-based D B Realty Ltd on January 6 has defaulted on payment of interest/repayment of principal amount on loans from banks or financial institutions worth Rs 698 crore, the company said in a regulatory filing.

“Pursuant to the SEBI Circular SEBI/HO/CFD/CMDl/CIR/P/2019/140 dated November 21, 2019, we hereby enclose relevant disclosures of defaults made by the Company on payment of interest / repayment of principal amount on loans from banks / financial Institutions for the quarter ended December 31, 2020. This is for your information and records,” the company said.

The company held a meeting of the Board of Directors on January 4.

In November 2021, the company board had approved the re-appointment of Shahid Balwa as Executive Vice Chairman cum Managing Director of the company for a period of three years with effect from 10th December, 2021.

D B Realty Ltd is engaged in the business of real estate development. The company is engaged in residential, commercial, retail and other projects, such as mass housing and cluster redevelopment. It has a single operating segment of real estate development. The company derives revenues primarily from the sale of properties.

In 2006, Vinod Goenka together with Shahid Balwa from the Balwa Group, created the DB Realty Ltd (Dynamix Balwa Realty). DB Realty Ltd has been listed on both the National Stock Exchange and the Bombay Stock Exchange in 2010. DB Realty Ltd has developed over 25 projects in and around Mumbai and Pune.
Moneycontrol News
first published: Jan 6, 2022 09:07 pm