Nitco Ltd expects Rs. 100 crores on receipt of property from development of Leasehold Rights

Nitco Limited (the "Company"/ "Assignor") has entered into a deed of assignment for assignment of leasehold rights held by the Company in Plot No. F-6/3 admeasuring 4,144 sq. meters (the "Plot") along with a factory building thereon situated at Trans Thane Creek Industrial Area, MIDC, Village Panchpakhadi, Thane in favour of Manometer (India) LLP [Erstwhile Manometer (India) Private Limited] (the "Assignee") for a monetary consideration of Rs. 11,00,000/- and non-monetary consideration (area share) i.e. constructed carpet area of 7,459.2 sq. meters or 25% of the FSI area, whichever is higher, in the project proposed to be developed by Manometer on the said Plot which is likely to fetch approximately Rs. 100 Crore. Further, the parties have fulfilled the key condition outlined in the deed of assignment.

Shares of Nitco Limited was last trading in BSE at Rs. 117.70 as compared to the previous close of Rs. 114.65. The total number of shares traded during the day was 20858 in over 424 trades.

The stock hit an intraday high of Rs. 119.40 and intraday low of 114.15. The net turnover during the day was Rs. 2438309.00.

Source : Equity Bulls

Keywords

Nitco INE858F01012 LeaseholdRights Assignment ManometerIndiaLLP ConstructedArea