This multibagger stock zooms 5% as Jhunjhunwala to take part in fundraising

Shares of DB Realty hit an upper circuit of 5% on Wednesday after the firm said it would issue 50 million convertible warrants to non-promoter investors such as Rakhesh Jhunjhunwala's RARE Enterprises, Rekha Jhunjhunwala, KIFS Dealers, Aditya Chandak and Abhay Chandak.

DB Realty stock hit fresh 52 week high of Rs 116.7 rising 4.99% in early trade. In afternoon session, the stock was stuck in upper circuit of 5%. The share has gained 59.1% in the last 11 days.

DB Realty stock is trading higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages.

The stock has surged 515% in one year and risen 149% since the beginning of this year. In a month, the stock has rallied 95.81%.

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 Total 7.81 lakh shares of the firm changed hands amounting to a turnover of Rs 9.02 crore.

Market cap of the realty firm rose to Rs 2,838.83 crore on BSE.

Each warrant is convertible into one shares of the company and the conversion can be exercised at any time within a period of 18 months from the date of allotment, in one or more tranches, DB Realty said.

DB Realty will issue 10 million warrants to Rekha Jhunjhunwala and 10 million warrants to RARE Enterprises, which is owned by Rakesh Jhunjhunwala.

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The Jhunjhunwalas currently have 2.06 percent stake in the company, as per the company's December quarter shareholding. The company will also issue 5 million warrants to Lotus Family Trust, 10 million warrants to Abhay Chandak and 10 million warrants to Aditya Chandak.