Upper circuit in realty stocks on settlement with lenders

“We wish to inform you that the Company and its wholly owned subsidiary, Goregaon Hotels & Realty Limited (Goregaon Hotels) have entered into an agreement with Reliance Commercial Finance Limited effective January 10, 2023 for the loans previously granted by the lender . In line with the company’s objective of reducing debt obligations, the parties have agreed to settle all claims in respect of the debt agreements through amicable settlement as per the terms and conditions described in the agreement..” the company said in an exchange filing on Wednesday. informed.

The company has agreed to pay the amount 185.6 crore to the lender as full and final settlement in various instalments. In addition, the Goregaon hotel has agreed to pay the amount 214.4 crore to the lender as full and final settlement in various instalments.

“The above Settlement Amount shall be payable in different tranches and the final amount shall be payable latest by 31.03.2025. Upon realization of the first installment amount, the parties have unconditionally undertaken to withdraw all suits/proceedings/claims against each other, DB Realry said.

Established in 2007, DB Realty Limited is a leading real estate developer in India, involved in residential, commercial and gated community developments. The realty stock has gained over 44% in a span of one year.

Indian veteran investor Rekha Jhunjhunwala, wife of late Rakesh Jhunjhunwala, holds 1.46% stake or 50,00,000 equity shares in the Mumbai-based realty company as of September 2022, according to BSE’s shareholding pattern.