The board of D B Realty Limited in-principally approved the Spin-Off of its Hospitality business to its shareholders on March 9, 2024. Under the terms, the shareholders of D B Realty will hold a substantial stake in the Resulting Company with the balance being held by D B Realty. The hospitality business consisting of hotel business and assets including Goan Hotels & Realty Private Limited (a wholly owned subsidiary), BD and P Hotels (India) Private Limited (a subsidiary) and Bamboo Hotel And Global Centre (Delhi) Private Limited (an associate).

On completion, the equity shares of the Resulting Company are proposed to be listed on the BSE Limited and the National Stock Exchange of India Limited. D B Realty will also ensure that the real estate business remains unchanged. As part of the demerger, a subsidiary company has appointed Rahul Pandit, as President & Executive Director and as Senior Management Personnel (SMP) effective March 1, 2024.

Subject to necessary approvals and upon the proposed demerger scheme becoming effective, it is intended that Rahul Pandit will be appointed as the Managing Director & CEO of the demerged hotel entity. The board of D B Realty Limited in-principally approved the Spin-Off and is subject to shareholders approval. Ernst and Young LLP (EY) has been appointed as an advisor to the Board for overseeing the demerger process.