Esteem Properties, wholly owned subsidiary of DB Realty, has entered into a non-binding term sheet with a large fund for sale of its land at adjoining ITC Grand Maratha Hotel, Andheri East, Mumbai at a consideration of Rs 480 crore, the company said in a BSE filing.
Agreement for sale has not been been entered into. The proposed transaction is subject to customary diligence and necessary approvals and is expected to close within 60 to 90 days, it said.
However, the company did not disclose the name of the buyer in view of the confidentiality.
The board of directors recently approved the re-appointment of Vinod Goenka as executive chairman cum managing director of the company for a period of three years with effect from September 1, 2022.
It had recorded net consolidated total income of Rs 29.14 crore in April-June 2022 quarter, a 131 per cent growth of from Rs 12.57 crore it registered in the similar quarter last year.
DB Realty’s net profit after tax stood at Rs 8.44 crore in Q1 FY23 as against a loss after tax of Rs 96.18 crore in the corresponding quarter of previous year.
