Nitco Limited has informed the Exchange about General Updates
NITCO · price
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Nitco Limited's Board has approved modifications to the previously shareholder-approved land monetization plan at Kanjurmarg, Mumbai. Since the original July 2024 approved transaction has not yet closed, the company is now proceeding with a revised structure involving execution of conveyance deeds with M/s. R Siddhatva Developers Private Limited (a step-down subsidiary of Runwal Construction Private Limited), on substantially similar terms. An advance of INR 143 crores has already been received. Completion of 75% of the land sale is expected in approximately 4 months, while the remaining 25% (monetized via increased area share in the buyer's project) is expected within 1 year after regulatory approvals. The buyer is not related to the promoter group and the transaction is at arm's length.
The company is moving closer to realizing value from its Kanjurmarg land asset with INR 143 crore already received. Completion of the 75% tranche within 4 months would bring meaningful cash inflow to the company, though investors should monitor for full closure given the prior delay.