DB Realty extends gain on issue of warrants to promoters

The board approved the issuance of up to 37 million warrants to the promoters of the company on preferential basis.

DB Realty is trading higher by 3% to Rs 89 extending its 18% rally in past two days after the Mumbai-based real estate firm said that its board has approved the issuance of up to 37 million warrants to the promoters of the company on preferential basis.

“The board of directors of the company at its meeting held on October 05, has approved the issuance of up to 37 million warrants on preferential allotment basis to promoters/promoter group(s), with each warrant convertible into one equity share of the company,” D B Realty said in a filing.

An Extra Ordinary General Meeting (EGM) has been called on November 3 to take approval from the shareholders, the company said. As on June 30, the promoters had 62.47% stake in the company.

 

The stock opened at Rs 87.70 and hit a four-month high of Rs 91.60 on the NSE. A combined 1.3 million shares have changed hands on the counter so far on both the exchanges.