D B Realty sells stake in Real Gem BuildTech project for Rs 231.42 crore, shares up

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D B Realty Ltd’s shares were up by 4.94 per cent after the company divested its entire 100 per cent stake in Real Gem BuildTech Pvt Ltd (RGBPL) for approximately Rs 231.42 crore. The transaction was executed through a share purchase agreement on November 6, 2023, with Kingmaker Developers Pvt Ltd (KDPL), a company affiliated with Rustomjee Group.

According to the company, this move is expected to enhance its free cashflow. Additionally, the transaction will lead to the removal of RGBPL from the DBR Balance Sheet, streamlining the company’s financials and concluding the deal with Rustomjee.

The shares were up 4.94 per cent at Rs 188.80 at 12.20 pm on the BSE.