Mumbai-based D B realty on Friday said its board has in-principally approved a proposal to demerge the company’s hospitality business as part of its efforts to unlock the value for shareholders.
In a regulatory filing, the company informed that the Board of Directors has considered and in-principally approved the proposal to demerge its hospitality business consisting of hotel business and assets.
The assets include Goan Hotels & Realty Pvt Ltd (a wholly owned subsidiary), BD and P Hotels (India) Pvt Ltd (a subsidiary), and Bamboo Hotel And Global Centre (Delhi) Pvt Ltd (an associate of the company).
“The demerger will unlock the value of the real estate and hospitality business for the company’s shareholders, enable a differentiated strategy to capture the huge potential of the Indian hospitality sector, and attract a distinct set of investors, partners, collaborators, and leadership talent focused on the hospitality business,” D B Realty said.
It will also ensure that the real estate business remains unchanged.
On completion of the demerger process, the company said the equity shares of the resulting company would be listed on the stock exchanges.
D B Realty is one of the leading real estate firms in the country. It is mainly present in Mumbai Metropolitan Region (MMR).
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First Published: Feb 09 2024 | 4:09 PM IST