Rakesh Jhunjhunwala and Others To Pick Up Stake in Mumbai Based Real Estate Developer DB Realty

DB Realty told the stock markets on February 9 that it intends to offer 50 million convertible warrants to non-promoter investors including Rakhesh Jhunjhunwala's RARE Enterprises, Rekha Jhunjhunwala's KIFS Dealers, Aditya Chandak, and Abhay Chandak.

Each warrant is convertible into one share of the firm and may be exercised in one or more tranches within 18 months after the date of allocation, DB Realty said.

DB Realty would issue ten million warrants to Rekha Jhunjhunwala and ten million warrants to Rakesh Jhunjhunwala's RARE Enterprises.

According to the business's December shareholder report, the Jhunjhunwala family controls 2.06 percent of the company.

Additionally, the business will issue 500,000 warrants to Lotus Family Trust, 500,000 warrants to Abhay Chandak, and 500,000 warrants to Aditya Chandak.