Godrej Properties to evaluate potential investment in DB Realty

Godrej Properties, real estate arm of the Godrej Group, has approved a plan to evaluate a potential investment in DB Realty in the form of warrants convertible into equity shares.

Both realty developers will explore setting up of a special purpose vehicle as a joint venture to undertake slum rehabilitation and redevelopment of MHADA projects, by leveraging the respective core expertise of the parties, Godrej Properties said in a regulatory filing.

A meeting of DB Realty’s board of directors is scheduled to take place later today to discuss the proposal for raising of funds by way of private placement or preferential issue of convertible warrants or equity shares or other equity linked Securities, DB Realty had said in a regulatory filing on Monday.

However, DB Realty had not disclosed the exact details of the fund raising or any such alliance with any entity.