DB Realty may merge with Adani Realty
By MYBRANDBOOK
According to a news report, the realty business arm of Adani Group, Adani Realty is in discussion with DB Realty for merger. As per the source, DB Realty is a listed company and it would be named as Adani Realty after the merger. Simply put, the deal would clear the decks for the back-door listing of Adani Realty on the stock exchanges.
Adani will pour in more funds into the company which would do a fresh equity issuance to the new investor. This comes after the failure of DB Realty’s talks with Godrej Properties.
DB Realty has a portfolio comprising over 100million sq.ft and 628 acres of prime property, mostly in Mumbai.
Even since it introduced itself as a luxury real-estate developer in 2006-07, DB Realty and its promoters have had run-ins with the income tax, Central Bureau of Investigation and other investigative agencies. A group company was also declared a willful defaulter by a lender.
The company’s projects are spread across Mumbai in areas like Mahalaxmi Racecourse, BKC and near ITC Grand Maratha Hotel at Andheri. In a BKC project, it has already tied up with Adani GoodHomes. The company is also a part of a major slum rehabilitation project in Mumbai and owns one the oldest film studios Kamalistan in the city suburbs. DB Realty wants to develop the studio into a mega corporate park. DB Realty’s BKC residential project is worth more than Rs 3,500 crore. Overall, DB Realty is expecting a surplus of around Rs 65,000 crore from its nearly two dozen projects mostly in Mumbai.
The sources also said that the company requires major funds infusion for its ongoing high-end projects and hence Adani Realty is said to be a suitor. Currently, the market-cap of DB Realty is close to ₹2,500 crore and the counter has been witnessing 100 per cent delivery in daily trading on the stock exchanges for the past several weeks. Promoters led by the Vinod Goenka family, Balwa family and a few others put together their own close to 69 per cent stake in the company.
In Mumbai Adani Realty has three high-end projects which includes an ongoing site at Ghatkopar, one each in the western suburbs and in central Mumbai.
Microsoft to build a new data centre to support Thailand's tec
Microsoft has revealed intentions to construct a regional data centre as w...
SAP launches cloud services to help Indian scaleups innovate m
SAP at SAP unveils now "GROW with SAP for Scaleups," a new cloud service d...
Denodo and Sonata form alliance to unlock data-to-value creati
Denodo and Sonata Information Technology India Limited (SITL) have annou...
Google Play Store will now let users download two apps simulta
Google Play Store now lets users download two apps simultaneously. While a...
MICROMAX INFORMATICS LTD.
DRUVA SOFTWARE PVT. LTD.
OPTIEMUS INFRACOM
TAC SECURITY SOLUTIONS
Technology Icons Of India 2023: Natarajan Chandrasekaran
Natarajan Chandrasekaran is the Chairman of the Board of Tata Sons, th...
Technology Icons Of India 2023: Bhavish Aggarwal
Ola CEO Bhavish Aggarwal had formed Ola-India’s largest mobility pla...
Technology Icons Of India 2023: Sachin Bansal
Sachin Bansal’s fintech startup, Navi Technologies, simplifies loan ...
ITI Limited widening its focus area
ITI Limited is a public sector undertaking company, has manufacturing ...
Leading company into fertilizers in the country
NFL is a dynamic organization committed to serve the farming community...
C-DOT enabling India in indigenous design, development and production of telecom technologies
An autonomous telecom R&D centre of Government of India, Center of Dev...
R P TECH INDIA
R P Tech is recognized for its diverse products portfolio, value-add...
Crayon Software Experts India Pvt Ltd
Crayon helps its customers build the commercial and technical foundati...
IVALUE INFOSOLUTIONS PVT. LTD.
: iValue Info Solutions is a value added distributor, provides solutio...