Adani Group to merge realty company
Adani Group will merge this realty company, the name will change after the deal; Upper circuit in stocks after hearing the news It is reported that adani Realty, the luxury residential and commercial property of billionaire gautam adani, may merge with Mumbai-based DB Realty.
Gautam adani is going to do India's biggest real estate deal. It is reported that adani Realty, the luxury residential and commercial property of billionaire gautam adani, may merge with Mumbai-based DB Realty. Negotiations are going on between the two companies for this.
Let us inform you that as soon as the news of this deal came into the media, the stock of DB Realty has been hitting the upper circuit for the last two trading days. Today on Wednesday, the company's shares are trading at Rs 98.75 with a 5% upper circuit. Earlier on tuesday also the company's shares were in the upper circuit. The stock has gained 12.79% in the last five trading days. This year the stock has climbed 101.94% in YTD and 228.62% in the last year.
DB Realty has prime assets of over 100 million sq ft and 628 acres. The assets of this company are mostly in Mumbai. After the completion of the merger deal, adani Realty will be able to list on the exchanges. In DB Realty, promoters led by the Vinod Goenka family, the Balwa family, and a few others hold around 69 percent stake in the company.
Late Rakesh Jhunjhunwala (who passed away last month) and his wife Rekha Jhunjhunwala together hold 50,00,000 lakh equity shares or 1.73 percent stake in the company as of june 30, 2022.