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CRISIL Research assigns IPO grade 2/5 to D B Realty Ltd. - page 2 / 3





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and Mr Chandan Bhattacharya, who was inducted as an independent director in September 2009 (has over 37 years of experience). Mr Bhattacharya is the former managing director of State Bank of India. Overall, the board comprises two managing directors, three independent directors (one of whom is a non executive chairman) and four investor nominee directors.

Out of the Rs 15 billion DBRL plans to raise via the IPO, Rs 13 billion is expected to fund four of the 10 ongoing projects, Rs 0.8 billion would be used to prepay the IDFC term loan and the balance utilised for general corporate use.

About CRISIL IPO Grading CRISIL IPO (Initial Public Offering) Grading is an opinion on the fundamentals of the graded issue that reflects CRISIL's independence and expertise. This opinion is expressed as a relative assessment in relation to other listed equity securities in India. The assessment is based on a grading exercise carried out by industry specialists from CRISIL Research. A CRISIL IPO Grade 5/5 indicates strong fundamentals and a CRISIL IPO Grade 1/5 indicates poor fundamentals. CRISIL IPO Grading reflects its assessment of the graded company's equity fundamentals as distinct from an assessment of debt fundamentals. A CRISIL IPO Grade should not be construed to mean a comment on the price of the graded security nor is it a recommendation to invest or not to invest in the graded security.

Media Contact Mitu Samar

Analytical Contact Chetan Majithia

Head, Market Development & Communications

Head, CRISIL Equities

CRISIL Limited Tel: +91-22- 3342 1838 Mobile: +91- 98200 61934 Fax: +91-22- 3342 3001

Tel: +91-22- 3342 4148 E-mail: chetanmajithia@crisil.com

E-mail: msamar@crisil.com

About CRISIL Limited CRISIL is India's leading Ratings, Research, Risk and Policy Advisory Company.

About CRISIL Research CRISIL Research is India's largest independent, integrated research house. We leverage our unique, integrated research platform and capabilities spanning the entire economy-industry company spectrum to deliver superior perspectives and insights to over 600 domestic and global clients, through a range of subscription products and customised solutions.


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Disclaimer A CRISIL IPO Grading is a one-time assessment and reflects CRISIL's current opinion on the fundamentals of the graded equity issue in relation to other listed equity securities in India. A CRISIL IPO Grading is neither an audit of the issuer by CRISIL nor is it a credit rating. Every CRISIL IPO Grading is based on the information provided by the issuer or obtained by CRISIL from sources it considers reliable. CRISIL does not guarantee the completeness or accuracy of the information on which the grading is based. A CRISIL IPO Grading is not a recommendation to buy / sell or hold the graded instrument; it does not comment on the issue price, future market price or suitability for a particular investor.

January 14, 2010


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