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Stock Report
Godrej Properties' Board approves a potential investment in DB Realty
Posted On : 2022-02-03 17:51:28( TIMEZONE : IST )
The Board of Mumbai based developers Godrej Properties Ltd. (GPL) (BSE scrip id: GODREJPROP), today approved a potential investment in DB Realty Limited (DBR) and also the setting up of a special purpose vehicle along with DBR to jointly undertake slum rehabilitation and MHADA redevelopment projects. GPL will subscribe to warrants convertible into Equity Shares aggregating to approximately 10% of the issued and paid-up capital of DBR for an aggregate amount of approximately Rs 400 crore. GPL and DBR will each contribute an additional 300 crore towards the equity platform focused on redevelopment opportunities in Mumbai.
The equity platform will act as a strategic special purpose vehicle providing GPL with ROFR (Right of First Refusal) for all slum rehabilitation and MHADA redevelopment projects to be identified by DB across Mumbai under a 50:50 equity partnership with 10% development management fees to GPL. This will provide GPL access to a large number of slum rehabilitation and MHADA redevelopment projects in MMR.
Mr. Mohit Malhotra, MD & CEO, Godrej Properties said, "We are pleased to announce a strategic partnership with DB Realty, which will give GPL a strong platform for growth in Mumbai. We believe this strategic partnership will allow each company to utilize its complementary strengths to boost the amount of successful slum rehabilitation and MHADA redevelopment projects in the city thereby benefiting economically weaker sections of the population while contributing to the growth of Mumbai as the country's financial capital."
Shares of D B Realty Limited was last trading in BSE at Rs. 96.10 as compared to the previous close of Rs. 91.55. The total number of shares traded during the day was 128844 in over 323 trades.
The stock hit an intraday high of Rs. 96.10 and intraday low of 96.10. The net turnover during the day was Rs. 12381908.00.
Shares of Godrej Properties Limited was last trading in BSE at Rs. 1669.25 as compared to the previous close of Rs. 1783.55. The total number of shares traded during the day was 182721 in over 17316 trades.
The stock hit an intraday high of Rs. 1791.85 and intraday low of 1652.15. The net turnover during the day was Rs. 313060205.00.
