DB Realty Ltd.'s board gave in-principle approval for its proposal to demerge the hospitality business—consisting of hotel business and assets.
The hotel business and assets include Goan Hotels and Realty Pvt., BD and P Hotels (India) Pvt., and Bamboo Hotel and Global Centre Pvt., according to its exchange filing on Friday.
The demerger will unlock the value of the real estate and hospitality businesses and enable a differentiated strategy to capture the huge potential of the Indian hospitality sector, the company said.
"It will also ensure that the real estate business remains unchanged," it said.
After demerger, the equity shares of the hospitality unit are proposed to be listed on the BSE and NSE. The shareholders of the company will hold a substantial stake in the demerged entity, with the balance being held by the company, it said.
Shares of DB Realty closed 3.05% higher at Rs 275.80 apiece on the BSE, as compared with a 0.23% advance in the benchmark Sensex.
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