DB Realty has rallied 6% to Rs 121 on back of heavy volumes on reports that the Bharti Group is planning to buy a majority stake in the company’s hospitality arm DB Hospitality for Rs 350 crore.
“Bharti Realty, the realty arm of telecom major Bharti Group is in negotiations with Mumbai-based DB Realty and could pay up to Rs 350 crore to buy a 49% stake in a special purpose vehicle (SPV) that is developing a plot located in a hospitality district being developed near the Delhi International Airport,” the Economic Times report suggests.
DB Hospitality - an arm of DB Realty- had obtained the land on a 30-year sub-lease for Rs 400 crore through competitive bidding in 2009, added report.
The stock opened at Rs 117 and touched high of Rs 124 on the BSE. A combined 3.27 million shares have already changed hands on the counter till early noon deals against an average sub 3 million shares that were traded daily in the past two weeks.
