Rakesh Jhunjhunwala stock: Multibagger D B Realty hits 5% upper circuit for 5 sessions in row; company board to mull over fund raising plan on Thursday

This Rakesh Jhunjhunwala-backed multibagger D B Realty shares' gains have more than doubled as the counter has witnessed a 110 per cent upside over the last five-weeks of trading session. D B Realty shares touched new 52-week high and an upper circuit of 5 per cent for fifth straight session on Wednesday. The rally began at a price of round Rs 44.  

In comparison, the S&P BSE Sensex has seen an upside of 3 per cent during the same period. The counter had hit new high of Rs 540 apiece on March 31, 2020, and a record low of Rs 3.61 apiece on April 22, 2020. 

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The stock has been gaining since last few sessions, as the company to consider a fundraising plan. “The board of directors of the company is scheduled on Thursday to discuss and consider the proposal for raising of funds by way of Private Placement/Preferential Issue of Convertible Warrants/ Equity Shares / other equity linked Securities,” DB Realty said on January 31, 2022. 

Billionaire investor Rakesh Jhunjhunwala’s wife Rekha Rakesh Jhunjhunwala holds 5 million or 2.06 per cent stake in D B Realty, as per the December shareholding pattern data shows. 

The company’s board of directors had approved raising of funds through an issue of 130.5 million warrants convertible into equivalent number of shares of the face value of Rs 10 each to promoters /promoter group and non – promoter investor on a preferential basis, it said on January 4, 2022.  

The company convened Extraordinary General Meeting ("EGM") on Wednesday, February 2, 2022.