Rekha Jhunjhunwala stock hits upper circuit after loan settlement with Reliance Commercial Finance
Rekha Jhunjhunwala-owned DB Realty shares hit upper circuit in early morning deals on Thursday. DB Realty share price today opened upside and hit 5 per cent upper circuit within minutes of stock market opening bell today. The real estate company has informed Indian bourses that is subsidiary Goregaon Hotel and Realty Private Ltd has executed loan settlement agreement with Reliance Commercial Finance Limited. DB Realty Ltd claimed in its exchange communication that the concerned parties have agreed to settle ‘all the claims’ in relation to the loan agreement by way of amicable settlement.
Informing Indian bourses about loan settlement agreement, DB Realty Ltd said, “In compliance with Regulation 30 of SEBI, (Listing Obligations and Disclosure Requirements) Regulations, 2015, we wish to inform that the company and its wholly owned subsidiary company, Goregaon Hotel And Realty Private Limited have executed Settle Agreement with Reliance Commercial Finance Limited (“Lender”) on 10th January 2023for the loans given by teh lender in the past.”
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DB Realty went on to add that in line with the company objective, to reduce the debt obligations, the parties have agreed to settle all the claims in relation to the loan agreement by way of amicable settlement. In accordance with the terms and conditions as detailed in the settlement agreements and the salient terms thereof are as under:
1] The company has agreed to pay an amount of ₹185.60 crore to the lender as full and final settlement in various tranches.
2] Goregaon Hotel has agreed to pay an amount of ₹214.40 crore to the lender as full and final settlement in various tranches.
3] The aforesaid settlement amounts shall be payable in various tranches and last amount shall be payable latest by 31st March 2025.
Rekha Jhunjhunwala shareholding in DB Realty
As per the shareholding pattern of DB Realty for July to September 2022 quarter, Rekha Jhunjhunwala holds 50 lakh company shares or 1.46 per cent stake in the company.
DB Realty share price history
After rising to 52-week high of ₹138.70 on NSE, DB Realty shares have remained under the sell off heat. However, in last six months, this realty stock has delivered whopping 40 per cent return to its positional investors.
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Ganesh
http://ganesh@finplay.inFinance enthusiast, Mutual fund expert.