D B Realty arms sell shareholding in Siddhivinayak Realties to Reliance Commercial Finance for Rs 376 cr

D B Realty on Thursday said its subsidiaries have sold their entire shareholding in form of shares and debentures in Siddhivinayak Realties Pvt Ltd to Reliance Commercial Finance Ltd (RCFL) for Rs 376.18 crore to settle dues partly. In a regulatory filing, Mumbai-based D B Realty said that its subsidiaries have entered into a share purchase agreement on November 1 to sell their entire shareholding in equity shares and OCDs (optionally convertible debentures) in Siddhivinayak Realties to RCFL for Rs 376.18 crore.

This has been done to "settle part of the group liabilities given by RCFL to the company, its subsidiary - Goregaon Hotel And Realty Pvt Ltd and its associate - Bamboo Hotel & Global Centre (Delhi) Pvt Ltd."