The real estate developer said that it has signed a securities purchase agreement (SPA) with Prestige Falcon Realty Ventures () for sale of D B Realty's 50 % holding in Prestige (BKC) Realtors. Prestige (BKC) Realtors is presently executing BKC 01 Project at Bandra Kurla Complex, Mumbai, Maharashtra.

The company said that the completion of sale and transfer of all the shares in favour of Prestige Falcon shall take place on a date which is within 60 days from from the date of the delivery of the conditions precedent satisfaction notice, unless otherwise mutually agreed between parties.

Total consideration to be received from sale/disposal of sharesis approximately Rs 978.70 crore.

The company has also enetered into a deed of transfer of partnership interest with Prestige Falcon Realty Ventures and Prestige Estates Projects for transfer of its 50% stake in Turf Estate Joint Venture LLP.

Turf Estate is currently executing Turf Project at Dr. E. Moses Road, Mahalaxmi, Mumbai, Maharashtra.

The completion of transfer of interest in LLP by the company in favour of the buyers shall take place on a date which is within 60 days from from the date of the delivery of the conditions precedent satisfaction notice, unless otherwise mutually agreed between parties.

Total consideration to be received from the transaction is Rs 197.79 crore.

The real estate developer said that these funds would be used for reducing the debt of D B Realty or its related entities and for investments in future projects.

DB Realty is engaged primarily in the business of real estate construction, development and other related activities.

The company's reported a consolidated net profit of Rs 565.80 crore in Q2 FY23 as compared to Rs 352.10 crore in Q2 FY22. Net sales jumped 15.5% year on year to Rs 10.16 crore in quarter 30 September 2022.

The scrip rose 0.91% to currently trade at Rs 86.42 on the BSE.