DB Realty promoters revoke portion of stake pledged with ICICI

DB Realty has said its promoters have revoked shares, equal to 11.04% stake in the company, pledged with ICICI Bank.

In a filing to the BSE, the Mumbai-based firm said promoters and their group had earlier pledged shares representing 39.98% of the existing paid up capital of the company with ICICI Bank UK in connection with financial facility availed by a group firm.

DB Realty said upon partial repayment of the loan, ICICI Bank UK has "released the shares of promoters/ promoter group representing 11.04% of the existing paid up capital of the company for such encumbrances".

The promoters are confident of meeting the financial obligations and obtain release of the balance shares pledged with ICICI Bank UK in due course of time, it added.

DB Realty's share price jumped by 4.5% but reversed gains to close 0.74% down at Rs 87.45.

As on December 31, 2012, the promoters held 61.18% stake in DB Realty.

Earlier this month, DB Realty reported 98% fall in consolidated net profit at Rs 0.21 crore for quarter ended December 31, 2012. It had posted a net profit of Rs 11.73 crore in the year-ago period.

Net sales rose by 19% to Rs 124.56 crore during the third quarter of this fiscal against Rs 104.80 crore in the corresponding quarter of last year.