Announced Fri, 3 Jul · 17:32 IST
ITI sells 21-acre Bengaluru land to CGST for Rs 914 Cr, repays bank debt
Strategic Transactions View source PDF
ITI · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Price reaction · full curve 14 horizons · vs prior close
-1.9%1-day move
₹297.80
prior close
₹300.00
base price
After-mkt
timing
5m10m15m30m1D2D3D4D5D7D15D1M2M3M
-0.1-0.8-0.6-0.9-1.9-4.2-2.8-2.4-2.5-4.6-7.1———
Up moveDown movePending
AI summary
ITI Ltd has executed the sale deed for 21 acres of land at K.R. Puram, Bengaluru to the CGST Department, Government of India for Rs 914.31 Crores. After TDS of Rs 9.14 Cr and NLMC charges of Rs 2.36 Cr, Rs 902.81 Crores was used to repay fund-based borrowings to the consortium of lending banks. The mortgage on the land has been released by SBICAP Trustee, enabling transfer of clear title.
Likely market impact
Major deleveraging - Rs 903 Cr of bank debt repaid from land sale proceeds, strengthening the balance sheet for shareholders.