DB Realty Ltd shares edged up around 5% at upper circuit level 122 on BSE in Thursday’s trading session. The stock closed at upper circuit levels for the second consecutive session after the company announced its fundraising plan.
DB Realty Ltd on Wednesday said its board in its meeting held today has approved raising funds by issuing 50 million warrants convertible into an equal number of equity shares. The convertible warrants will be in addition to the 7,70,00,000 warrants as disclosed in the outcome of the board meeting held last week, DB Realty announced in an exchange filing.
The company will issue warrants on preferential basis to non-promoter investors including Rekha Jhunjhunwala, wife of renowned investor Rakesh Jhunjhunwala, to whom 1,00,00,000 warrants will be issued through Rare Investments. Other non-promoter investors include Lotus Family Trust, which is represented by its trustees, namely Barclays Wealth Trustees (India) Pvt Ltd, KIFS Dealers, among others.
Each warrant is convertible into 1 equity share and the conversion can be exercised in one or more installments at any time within a period of 18 months from the date of allotment.
Shares of DB Realty have been rising steadily for the past few trading sessions, touching upper circuit levels, after the realty firm announced plans to increase 563 crore by issuing warrants to promoters and investors.
Multibagger stock has gained over 95% in one month while it has gained over 434% in the last six months. from trading over At 18 per share level in February 2021, the realty stock has skyrocketed over 563% in a one-year period. The counter is up over 148% so far in 2022 (Year-to-date or YTD).
As per the recent shareholding pattern of BSE, Rakesh Jhunjhunwala’s wife Rekha Jhunjhunwala holds 2.06% stake in DB Realty as of December 2021.
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