Shares of DB Realty Ltd tumbled during the trading session on Monday as the company launched its qualified institutional placement (QIP) at a discounted price than its previous close. The company also announced plans to change its name through a separate exchange filing. The company board in its meeting held on March 7, 2024, Thursday announced to open the QIP at the approved floor price for the issue at Rs 270.87 per share, based on the pricing formula as prescribed under the SEBI ICDR Regulations. The company is looking to raise a total of Rs 1,500 crore via QIP route. The company board had approved the proposal for QIP in January, while the shareholders approved the proposal through postal ballots on February 17, 2024. Also, the company board is scheduled to meet on Wednesday, March 13, 2023 to consider and approve the Issue price, including a discount if any thereto, to the approved allottees of the issues. "We wish to intimate that the Office of the Central Processing Centre, Ministry of Corporate Affairs, vide the ‘Certificate of Incorporation pursuant to change of name’ dated March 8, 2024, has approved the change of name of the Company from ‘D B Realty Limited’ to ‘Valor Estate Limited’ with effect from March 8, 2024," said the company in a separate exchange filing. Following the announcement, shares of DB Realty Ltd dropped 5.57 per cent to Rs 267 on Monday, with a total market capitalization of more than Rs 13,500 crore. The scrip had settled at Rs 282.75 in the previous session on Thursday. The stock has surged more than 390 from its 52-week lows. DB Realty, incorporated in 2007, is engaged primarily in the business of real estate construction, development and other related activities. Most of the projects are based in and around Mumbai and are under various stages of planning and construction. Seasoned Dalal Street investor Rekha Rakesh Jhunjhunwala and Rare Enterprises cumulatively owns 3.5 crore equity shares or 4.98 per cent stake in the company as of December 31, 2023. Their stake in the company is worth about Rs 990 crore as the previous close.