D B Realty promoters sell 2.91% stake in co to raise Rs.301-Cr

The promoter group of Mumbai-based DB Realty has sold 1.46 crore shares, reflecting a 2.91% stake, to raise INR 301 crore. A substantial portion of the proceeds has been infused back into the company for repayment of related-party transactions and unsecured interest-free loans. The company, on a standalone basis, will be debt free from Nov 30, 2023. The company had a debt of INR 1,373 crore (standalone) and INR 3,140 crore (consolidated) as of September 30, 2021.