Nexxus Petro Industries Limited on its meeting held on 30th March 2026 for Sale of Undertaking of the Company pursuant to Regulation 30 of LODR Regulations 2015 for the land parcel-undertaking ....
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Nexxus Petro Industries has approved the sale of a 3.99-acre land parcel at Khasra No. 555/36, Village Gajangadh, Kharda, Pali, Rajasthan, for a total consideration of Rs. 1,71,71,000 (about Rs. 1.72 crore). The land has a book value of approximately Rs. 1.43 crore, implying a modest gain on sale. The buyers are two individuals from Jodhpur — Mr. Deepak Mahajan and Mr. Abhishek Agnihotri — and neither belongs to the promoter or group companies, so it is not a related party transaction. The company describes the land as a non-operational, non-core, non-performing asset that is not expected to be used in the present or foreseeable future. The land contributed about Rs. 51.75 crore (roughly 17%) of the company's Rs. 305.04 crore turnover in the last financial year, but its investment value is below 20% of the company's Rs. 32.26 crore net worth, so it does not qualify as a sale of a substantial undertaking under Section 180(1)(a) of the Companies Act.
This is a small, non-core asset monetisation with no material impact on the company's existing operations. Shareholders are unlikely to see a meaningful change in the stock from this transaction, though the proceeds will add modestly to cash on the books.