Nitco Limited has informed the Exchange about Update on Joint Development Agreement
NITCO · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Awaiting price reaction for this filing.
Nitco Limited has signed a Joint Development Agreement on June 26, 2025 with Total Environment Building Systems Private Limited for the plotted development of its land located in Shrigaon, Kalwadkhar, Mondvira, and Dehenkoni villages at Alibaug Taluka, Raigad, Maharashtra. The project is expected to generate a minimum consideration of Rs. 350 Crores spread over 3 years. As an initial payment, Nitco has already received an interest-free adjustable advance of Rs. 58.42 Crores from the developer. The agreement does not involve any related party transactions and grants no special rights such as board appointments or share subscription privileges to the developer.
This is a significant value-unlocking event for Nitco shareholders, as the Rs. 350 Crore deal monetizes the company's land bank in a high-potential Alibaug micro-market. The Rs. 58.42 Crore upfront inflow should improve liquidity and reduce debt or fund operations. The stock may see positive momentum given the size of the deal relative to Nitco's market cap.