D B Realty Ltd enters into JV agreement to divest its stake in DB SKypar Project

D B Realty Ltd has entered into a Joint Venture Agreement with Eversmile Construction Company Private Limited and Konark Conwell LLP to disinvest / sale / release its entire investment/ partnership interest to the extent of 75% (thus taking full exit) in ECC-Konark JV (formerly known as ECC-DB-Konark JV), which has been developing "DB Skypark" Project located at Sahar Mumbai on terms and conditions as contained in the Joint Venture Agreement executed on 24th July, 2023.

The consideration to be received for the above sale is Rs. 40 Crores; part thereof has already been paid and balance to be paid in installment by March 2024.

In addition to this, ECC-Konark JV shall give the Company free of cost an area equivalent of 24,250 sq ft of carpet area (as per the provisions of RERA) across the project, proposed to be developed by them on the said Land located at Sahar, Mumbai, which area shall be delivered to the Company in the form of 1, 2, and 3 BHK apartments, in the ratio of their existence in the project contemplated and pro-rated across the phases of development and such liabilities and obligations more particularly detailed in the AGM Notice dated 30th September, 2022.

Shares of D B Realty Limited was last trading in BSE at Rs. 75.30 as compared to the previous close of Rs. 75.85. The total number of shares traded during the day was 30611 in over 626 trades.

The stock hit an intraday high of Rs. 76.60 and intraday low of 74.50. The net turnover during the day was Rs. 2312347.00.

Source : Equity Bulls

Keywords

DBRealty INE879I01012 StakeSale JVAgreement ECCKonarkJV DBSkypark