India's DB Realty surges to 12-year high on 2.31 billion-rupee divestment

Valor Estate

07/11/2023 05:55

** Shares of DB Realty  DBRL.NS  rise as much as 6.78% to a
more-than-12-year high of 193 rupees apiece
    ** Real estate developer divests 100% stake in Real Gem
Buildtech to Kingmaker Developers for 2.31 bln rupees
    ** Transaction to lead to considerable amount of free
cashflow to the company, says DBRL
    ** Adds that the transaction will also help clean up balance
sheet
    ** Trading volume is 2.9 mln shares as of 11:13 a.m. IST,
nearly twice the 30-day avg - LSEG data
    ** Including today's gains, DBRL up ~100% in 2023 so far

 (Reporting by Bharath Rajeswaran in Bengaluru)
 ((bharath.rajeswaran@thomsonreuters.com; +91 9769003463;))