NITCO · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
NITCO Limited has announced modifications to its proposed land monetization at Kanjurmarg, Mumbai. The original transaction, approved by shareholders in July 2024, has not been completed yet. The company has received an advance of INR 143 crores. The deal structure has been revised with 75% of the land to be sold via sale deed to M/s R Siddhatva Developers Private Limited (a step-down subsidiary of Runwal Construction Private Limited) in approximately 4 months. The remaining 25% will be monetized against increased area share in the buyer's development project, expected within 1 year after regulatory approvals. The transaction is not with a related party and is not part of any scheme of arrangement.
The partial receipt of INR 143 crores and defined timelines for completion provide clarity on potential cash inflow. The transaction is not with promoter group entities, which reduces concerns about related party conflicts. However, the delay since 2024 and split completion timeline means full realization of asset value may take up to a year.