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DB Realty
Under Review
In light of the recent events relating to the 2G spectrum issue,
we keep DB Realty (DBRL) Under Review till further clarity
emerges; DB Realty promoters own 45% in Etisalat DB.
Real estate business. As of 3QFY11, DBRL has sold stock
worth `71bn, with outstanding receivables from the sales at
~`41bn. Also, the company is in the process of acquiring the
Bandra Government Colony project, for which it has to pay a
premium of `8.02bn. Net debt stood at ~`2.3bn as of Q3FY11.
2G spectrum issue. DBRL’s promoters own 45% stake in
Etisalat DB. The promoters had applied for and acquired UAS
licenses under Swan Telecom, for 13 circles for `15.37bn. Post the
licenses, they sold 45% share to UAE-based Etisalat for a
consideration of `42bn; the new company is called Etisalat DB.
Impact on real estate business. Recent events related to 2G
spectrum could indirectly impact the company’s real estate
business. DBRL could face liquidity crunch for acquisition of
future projects, slower sales in existing projects and delays in
project approvals.
Under Review. We keep our current estimates and target price
Under Review, till further clarity.
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
DB Realty
Under Review
In light of the recent events relating to the 2G spectrum issue,
we keep DB Realty (DBRL) Under Review till further clarity
emerges; DB Realty promoters own 45% in Etisalat DB.
Real estate business. As of 3QFY11, DBRL has sold stock
worth `71bn, with outstanding receivables from the sales at
~`41bn. Also, the company is in the process of acquiring the
Bandra Government Colony project, for which it has to pay a
premium of `8.02bn. Net debt stood at ~`2.3bn as of Q3FY11.
2G spectrum issue. DBRL’s promoters own 45% stake in
Etisalat DB. The promoters had applied for and acquired UAS
licenses under Swan Telecom, for 13 circles for `15.37bn. Post the
licenses, they sold 45% share to UAE-based Etisalat for a
consideration of `42bn; the new company is called Etisalat DB.
Impact on real estate business. Recent events related to 2G
spectrum could indirectly impact the company’s real estate
business. DBRL could face liquidity crunch for acquisition of
future projects, slower sales in existing projects and delays in
project approvals.
Under Review. We keep our current estimates and target price
Under Review, till further clarity.
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