There is unconfirmed news today morning that Adani Realty is in advanced talks for a merger with Mumbai-based DB Realty.
If this happens, it could be one of India’s largest realty deals. DB Realty has a portfolio of more than 100 million sq.feet and 628 acres of prime property, majorly all in Mumbai.
One merged, DB Realty will be renamed as Adani Realty. And what this indirectly means is that it would allow Adani Realty to get listed in the bourses.
Adani seems to be in the prowl for sinking its teeth into one realty company or the other; earlier it wanted to takeover Godrej Properties but that did not happen.
Post this news, the stock price today opened itself 5% up at Rs.90.15, hitting the UC of the day. Its 52-week high is at Rs.133.85.