Real estate developer DB Realty on September 18, announced that it has raised Rs 1,544 crore by way of preferential issue of 25.75 crore convertible warrants to promoter group / non promoter (Investors) in two phases in the month of February and March, 2022 in compliance with Securities and Exchange Board of India (SEBI).
All convertible warrants have been converted into equity shares in compliance with SEBI Regulations, DB Realty said in a statement on September 18.
The statement added that, "Apart from Promoter Group viz. Goenka Family Trust and SB Fortune Realty Pvt Ltd, non-promoter investors were allotted equity shares of the company at relevant time and their holding on fully diluted basis on conversion."
Pinnacle Investments (a partnership firm registered in India and represented through its Managing Partner - Razack Family Trust through its Trustee Mr Irfan Razack) (partners in the firm are Razack Family Trust and Mr.Venkata Narayana Konanki) were given 17.94 percent equity shares.
Further, Rekha Jhunjhunwala and RARE Investments were allotted 2 percent shares. Further, Lotus Family Trust, KIFS Dealers were given 1 percent shares and Abhay Chandak and Aditya Chandak were given 2 percent shares.
Also read: DB Realty shares trade in green on stake deals for Siddhivinayak Realties
According to the company, it will use the funds raised through issue of warrants convertible into equity shares on preferential basis leading to reduction of debt of Rs 1404 crore (including release of contingent liabilities) and further investments/acquisition of new assets and to meet various requirements of its ongoing projects and working capital of the company.
In the last one year, the company has entered into partnership/Joint venture/arrangements with large real estate developers such as Adani Good Homes Private Limited, Godrej Residency Private Limited, Prestige Group entities. The company is focused to be debt free in the near term and is continuously exploring avenues to partner with established large real estate developers to monetise its significant real estate holdings in excess of 600 acres, it said.
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