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Corporate Feb 18, 2013

DB Realty promoters revoke portion of stake pledged with ICICI

New Delhi: DB Realty has said its promoters have revoked shares, equal to 11.04 percent stake in the company, pledged with ICICI Bank.

In a filing to the BSE, the Mumbai-based firm said promoters and their group had earlier pledged shares
representing 39.98 percent of the existing paid up capital of the company with ICICI Bank UK in connection with financial facility availed by a group firm.

Reuters

Net sales rose by 19 percent to Rs 124.56 crore during the third quarter of this fiscal. Reuters

DB Realty said upon partial repayment of the loan, ICICI Bank UK has "released the shares of promoters/ promoter group representing 11.04 percent of the existing paid up capital of the company for such encumbrances".

The promoters are confident of meeting the financial obligations and obtain release of the balance shares pledged with ICICI Bank UK in due course of time, it added. DB Realty's share price jumped by 4.5 per cent but reversed gains to close 0.74 percent down at Rs 87.45.

As on December 31, 2012, the promoters held 61.18 percent stake in DB Realty. Earlier this month, DB Realty reported 98 percent fall in consolidated net profit at Rs 0.21 crore for quarter ended December 31, 2012. It had posted a net profit of Rs 11.73 crore in the year-ago period.

Net sales rose by 19 percent to Rs 124.56 crore during the third quarter of this fiscal against Rs 104.80 crore in the corresponding quarter of last year.

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