NITCO Limited to sell Kanjurmarg property to Runwal Construction Pvt Ltd for Rs. 232 crores

The Board of Directors of NITCO Limited at their meeting held today i.e. Thursday, June 13, 2024 has considered and/or approved the monetization of Company's immovable property situated at Kanjurmarg, Mumbai and enter into conveyance deed or agreement with Runwal Construction Private Limited.

The total agreed consideration includes monetary consideration of Rs. 232,00,00,000/- (Rupees Two Hundred and Thirty-Two Crores only) and nonmonetary consideration in form of office space in the proposed project to be developed by the buyer.

The Company intends to complete the aforesaid transaction which shall be subject to signing of definitive agreements between the parties and necessary/requisite approvals, if any. The Company shall make the necessary announcement as and when the transaction for the above immovable property is fully completed.

Shares of Nitco Limited was last trading in BSE at Rs. 75.72 as compared to the previous close of Rs. 72.12. The total number of shares traded during the day was 9287 in over 30 trades.

The stock hit an intraday high of Rs. 75.72 and intraday low of 73.56. The net turnover during the day was Rs. 700955.00.

Source : Equity Bulls

Keywords

Nitco INE858F01012 LandSale Kanjurmarg RunwalConstruction