Gitanjali Gems and DB Corp
Guess which media group escaped being a victim of the Modi-Choksi fraud? The Bhaskar Group had a private treaty agreement with Gitanjali Gems which it ended in FY 2016-17. As of March 2015, DB Corp owned 60,54,960 shares of Gitanjali Gems valued at Rs 24.95 crore, with each share valued at Rs 41.21 on March 31st. By March 31, 2016 their holdings came down to 52,01,055 shares valued at Rs 16.93 crore with each share now marked at Rs 32.55. During 2016-17 the entire shareholding was liquidated, because of a decision by DB Corp to exit the private treaty business. But in that final year of investment they made Rs. 11.87 crore profit on their Gitanjali investment, Girish Agarwal said in a conference call with analysts in January this year.