Investor Rakesh Jhunjhunwala buys Rs11.27 crore worth shares in D B Realty

The share price of real estate company D B Realty soared 5 per cent to touch the upper circuit limit today after investor Rakesh Jhunjhunwala acquired 12.5 lakh shares worth Rs11.27 crore.

Rare Enterprises, an investment firm set up by Jhunjhunwala purchased the shares from Trinity Capital Plc at an average price of Rs90.21 each on Friday, valuing the transaction at Rs11.27 crore.

D B Realty shares rose by 4.97 per cent to Rs 94.05 on Friday on the Bombay Stock Exchange giving the Mumbai-based real estate firm a market value of Rs2,288 crore. On the National Stock Exchange, they surged by 4.99 per cent to Rs98.80.

In another deal, OHM Enterprises bought 20 lakh shares of D B Realty at an average price of Rs90.15 per share, valuing the transaction at Rs18 crore, while Trinity Capital sold 87.23 lakh shares of the company at an average price of Rs90.35 valuing the transaction at Rs78.81 crore.

Trinity Capital, Lehman Brothers Real Estate Fund and IL&FS India Realty Fund I, had in 2007 invested over $150 million in D B Realty.

As on 30 June, the promoters held 62.47 per cent stake in the company.