M&A

M&A

DB Realty sells 100% in Realgem Buildtech for Rs.231-Cr to Rustomjee Group firm

Economic Times  

Realty developer Rustomjee Group's wholly owned subsidiary Kingmaker Developers has acquired 100% equity and preference shares of DB Realty's subsidiary Realgem Buildtech for over INR 231.42 crore. This clears the way for Rustomjee Group's listed entity Keystone Realtors to take over Rustomjee Crown, a premium residential project in Mumbai's Prabhadevi locality as the developer of the project. The transaction is expected to provide Rustomjee Group cash flow benefit worth INR 60 crore in the first year and over INR 300 crore over the entire project cycle. Post-transaction, Realgem Buildtech will cease to be a wholly owned subsidiary of DB Realty and will allow Keystone Realtors to consolidate its portfolio.