Pinnacle Investments, Godrej Properties allotted warrants by DB Realty Ltd

• Pinnacle Investments, entity largely owned by the Razack Family Trust, Promoter of Prestige Estates Properties Limited allotted 3,30,00,000 warrants convertible into equity shares in DB Realty Limited pursuant to Extra Ordinary General Meeting held on 2nd February 2022.
• Pinnacle Investments to potentially subscribe to further 5,70,00,000 warrants convertible into equity shares in DB Realty Limited, thus potentially increasing its stake to approximately 18% of the issued and paid-up expanded capital of DB Realty Limited.
• Godrej Properties Limited to potentially subscribe to 5,00,00,000 warrants convertible into equity shares in DB Realty Limited corresponding to approximately 10% of the issued and paid-up expanded capital of DB Realty Limited.
• Promoters of DB Realty Limited allotted 9,75,00,000 warrants and to potentially subscribe to further 2,00,00,000 warrants convertible into equity shares in DB Realty Limited.

The Board of DB Realty Limited today allotted 3,30,00,000 warrants to Pinnacle Investments and 9,75,00,000 warrants to Promoters of DB Realty Limited.

The Board of DB Realty Limited approved allotment of further 5,70,00,000 warrants to Pinnacle Investments, 5,00,000 warrants to Godrej Properties Limited and 2,00,00,000 warrants to the Promoters of DB Realty Limited, subject to approval of the shareholders of DB Realty Limited and regulatory authorities.

Subject to approval of the shareholders of DB Realty Limited and regulatory authorities and post conversion of warrants allotted and proposed to be allotted to Pinnacle Investments, DB Promoters and Godrej Properties Limited, the issued and paid-up expanded capital of DB Realty Limited shall stand increased to 50,05,00,000 Shares and the shareholding pattern shall change as follows:

(a) Promoters of DB Realty : 54.08%
(b) Pinnacle Investments : 17.97%
(c) Godrej Properties Limited : 9.98%
(d) Other Public Shareholding : 17.97%

The total fund infusion into DB Realty Limited post conversions of warrants allotted and proposed to be allotted to Pinnacle Investments, DB Promoters and Godrej Properties Limited will be approximately ~Rs. 1575 crore.

Axis Capital acted as the sole advisor to the transaction.

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.

Source : Equity Bulls

Keywords

DBRealty INE879I01012 FundRaising Warrants Shares PinnacleInvestments GodrejProperties