Notice of Postal ballot
NITCO · price
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Nitco Ltd is seeking shareholder approval via postal ballot for monetizing its immovable property at Kanjurmarg, Mumbai. The land parcel (C.T.S. No. 657D) measures 16,257.5 square meters. The buyer is R Siddhatva Developers Private Limited, a step-down subsidiary of Runwal Construction Private Limited. The revised deal structure involves: (1) 75% of land for INR 143 Crores (already received as advance from the previous arrangement with Runwal), and (2) 25% of land against increased area space in the buyer's proposed project. The earlier arrangement with Runwal Construction Private Limited for INR 232 Crores plus office space did not materialize, prompting this revised transaction.
This transaction will allow Nitco to unlock value from its Kanjurmarg land asset. The company has already received INR 143 Crores as advance, which will be appropriated for 75% of the land. Shareholders should note this is a Special Resolution requiring 75% majority approval via remote e-voting between May 28 and June 27, 2026.