DB Realty is poised to raise up to Rs 1,500 crore through a qualified institutional placement (QIP) at Rs 258 per share, as per sources informed CNBC-TV18 on March 8.
Reportedly, the company intends to utilize the proceeds from the QIP for business expansion and loan repayment. Rekha Jhunjhunwala, the spouse of the late investor Rakesh Jhunjhunwala, holds a stake in the real estate firm.
The QIP’s base size is anticipated to be Rs 1,000 crore, with a greenshoe option to raise an additional Rs 500 crore. The total equity dilution is projected to be 10.4%.
The indicative price of Rs 258 per share represents an 8.5 percent discount from DB Realty’s current market price, which stands at Rs 282. Both the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) will be closed on March 8 due to Mahashivratri.
