Nitco Limited has informed the Exchange regarding Notice of Postal Ballot
NITCO · price
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Nitco Limited is seeking shareholder approval via postal ballot for monetizing its land parcel at Kanjurmarg, Mumbai (16,257.5 sq meters). The buyer is R Siddhatva Developers Private Limited, a step-down subsidiary of Runwal Construction Private Limited. The revised transaction structure involves Rs. 143 crores for 75% of the land (which the company has already received as advance from Runwal), and the remaining 25% against increased area space in the developer's project. This is a modification of an earlier deal with Runwal that failed to materialize. The voting period runs from May 28, 2026 to June 27, 2026, and requires a Special Resolution for passage.
Shareholders should approve this resolution as the company has already received Rs. 143 crores in advance. Failure to pass could delay or derail recovery of funds already received and impact the company's liquidity from this asset monetization.