Valor Estate Ltd Share Price – NSE  /  BSE

Realty, Small Cap

Valor Estate has acquired 50% stake in Shiv Infra Riverwalk LLP(formerly known as Fairglow Realty LLP) pursuant to First Supplemental LLP Agreement dated 19 April 2024.

The LLP was recently incorporated on 24 July 2023 and is in the business of real estate and other allied services.

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The Board of Valor Estate on 14 March 2024 has approved the allotment of 3,56,66,675 equity shares to qualified institutional buyers at an issue price of Rs 258 per equity share (including a premium of Rs 248 per share which is at a discount of Rs 12.87 per equity share equivalent to 4.75%) to the floor price of Rs 270.87 per equity share aggregating to Rs 920.20 crore pursuant to the QIP issue.

The issue opened on 07 March 2024 and closed on 13 March 2024.

Pursuant to the allotment of equity shares, the paid up equity share capital of the company has increased to Rs 537,78,93,780 consisting of 53,77,89,378 equity shares.

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The Brihanmumbai Municipal Corporation had invited tenders for hiring of land parcels for setting up casting yards and allied works use for its various vital projects.

Mira Real Estate Developers, a partnership firm in which the Company/its wholly-owned subsidiaries hold 100 % share in profit/loss, is owner of 254.99 acres of land adjoining Mira Road Railway Station on the Western side. The said land is vacant and un-developed. From the total land holding of 254.99 acres, land admeasuring 186.52 acres was offered in the aforesaid tender.

The tender was opened on 22 February 2024 and thereafter evaluated by the BMC after due diligence, the letter of acceptance (LOA) was issued by the BMC on 11 March 2024 in favor of Mira Real Estate, for renting out approximately 186.52 acres of land parcels owned by the firm.

Under this tender, land admeasuring 186.52 acres (7,54,859.64 square meters) shall be temporarily handed over to the BMC on a leave and license for a duration of 3 years (can be further extended by 2 years) at a license fee of approximately Rs 248 crore average per annum (p.a.) over the duration of 5 years.

As per the LOA, the license fee rental has to be paid on basis by quarterly basis by the BMC to Mira.

The letter of award is subject to signing of a formal leave & license agreement and other terms and conditions as laid down in the tender documents,” the company said in a statement.

DB Realty is engaged primarily in the business of real estate construction, development and other related activities.

The company had reported a consolidated net profit of Rs 464.27 crore in the quarter ended December 2023 as against net loss of Rs 619.44 crore during the previous quarter ended December 2022. Sales declined 77.07% to Rs 142.80 crore in Q3 FY24 over Q3 FY23.

The scrip tumbled 4.69% to currently trade at Rs 269.50 on the BSE.

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DB Realty will hold a meeting of the Board of Directors of the Company on 7 March 2024.

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