D B Realty Defaults Big Time In Repayment To Yes Bank, HDFC Ltd
New Delhi: Mumbai-based D B Realty has defaulted in repayment of certain obligations to Yes Bank and HDFC Securities.
The realty firm has defaulted in payment of Rs 4.22 crore towards interest for a term loan it had taken from the Yes Bank. It had taken a term loan of Rs 240.30 crore from Yes Bank at 10.35 percent for 24 months. The realty company defaulted in repayment on 2 February, 2020.
The realty player also defaulted in repayment of 80 crore towards principal amount and Rs 5.05 crore towards interest for a inter corporate deposit from HDFC Ltd. The date of default was 1 February, 2020.
On 1st January, 2020, D B Realty also defaulted in repayment of 80 crore towards principal amount and Rs 3.69 crore towards interest for a inter corporate deposit from HDFC Ltd. The date of default was 1 February, 2020.
On 2nd January, 2020, the real estate company also defaulted in payment of Rs 4.16 crore towards interest for a term loan it had taken from Yes bank.
The company has a total amount outstanding as borrowings from banks and financial institutions of Rs 645.65 crore. It has total financial indebtedness of Rs 1,087.31 crore including short-term and long-term debt, according to a regulatory filing by the company.
Prestige Group of Bengaluru bought 28.99 percent stake in a commercial project of D B Realty in Mumbai in November 2019. The project has a development potential of about 7 lakh square feet.
D B Realty’s consolidated net loss increased to Rs 149.52 crore for the December quarter of the ongoing fiscal as against Rs 66.47 crore in the corresponding quarter of the previous financial year.
The total income of D B Realty declined by 60 percent to Rs 31.47 crore in the December quarter of the current fiscal as against Rs 79.77 crore in the same quarter of the same financial year.