Nel Holdings South Ltd announces exit Of Cape Cod Project

Nel Holdings South Ltd has announced that, in line with the company's plan to exit from the residential real estate business and deleveraging the overall debt of the Company, the wholly owned subsidiary of the Company - NUDPL Ventures Private Limited has applied with Real Estate Regulatory Authority (RERA) for its approval order for one of the project named - Cape Cod.

The Company have now successfully obtained the RERA order for the transfer of the project to the new developer for this project.

With this transfer the corresponding debt associated with the project with the financial institutions and the underlying Customer litigation pending in this project shall be withdrawn and will stand resolved.

With this exit, the Company would be exiting from the eighth project during the past couple of years and this would be our fifth RERA approval for exits of the Residential Projects since the company's endeavor to exit from the residential real estate business.

Shares of NEL HOLDINGS SOUTH LIMITED was last trading in BSE at Rs. 2.42 as compared to the previous close of Rs. 2.4. The total number of shares traded during the day was 25946 in over 61 trades.

The stock hit an intraday high of Rs. 2.49 and intraday low of 2.34. The net turnover during the day was Rs. 61945.

Source : Equity Bulls

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