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DB Realty may be acquired by Adani Realty: Media reports
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DB Realty may be acquired by Adani Realty: Media reports
Publish on : 2022-09-13 11:47:51
Adani Realty, the luxury property arm of the leading multinational conglomerate Adani Group, is in advanced talks for a merger with Mumbai-based DB Realty, according to media reports. Shares of DB Realty hit their upper circuit on Monday amid the media reports of merger with Adani Group's real estate arm. Adani Realty, the luxury property arm of the leading multinational conglomerate Adani Group, is in advanced talks for a merger with Mumbai-based DB Realty, according to media reports. The reported merger could be India's largest real estate deal and is likely to pave the way for the stock market listing of Adani Group's realty firm Following the development, shares of DB Realty zoomed 5 percent, its daily circuit limit, to Rs 90.15 on Monday. However, the scip had settled at Rs 85.90 on Friday. Post-merger, DB Realty would be renamed Adani Realty. The deal will allow the back-door listing of Adani Realty on the exchanges. However, ETmarkets.com could not independently verify the report. Adani Group is likely to infuse more funds into DB Realty, which would result in a fresh equity issuance to new investors. Earlier, DB Realty was in talks with Godrej Properties, which could not produce fruitful results. The real estate firm has a portfolio comprising over 100 million square feet and 628 acres of prime property, mostly in Mumbai. Also, the company tied up with Adani GoodHomes in various projects. Shares of DB Realty have risen almost 70 percent in the last three weeks, whereas the counter delivered a return of 85 percent so far in the current calendar year. Promoters, including Vinod Goenka family, Balwa family and a few others, put together close to 69 percent stake in the Mumbai-based DB Realty. Late Rakesh Jhunjhunwala, who passed away last month, and his wife Rekha, cumulatively held 50,00,000 lakh equity shares or 1.73 percent stake in the company as of June 30, 2022.

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