Nitesh Estates Ltd - Reduction Of Further Debt Of Rs. 40 Crores By Repaying To The Lender.

| Updated on April 01, 2019 Published on April 01, 2019

We would like to inform the Exchanges that the Company has earlier on January 23, 2019 intimated the Exchanges that it shall reduce the overall debt by an extent of Rs. 700 Crores in next 180 days and out of Rs. 700 Crores the Company has already reduced its debt by Rs. 407.88 Crores from the overall consolidated debt by selling the shopping mall in Pune and has earlier intimated the same to exchanges on March 08, 2019.

We would further wish to inform that the Company has so ld the prime parcel of the land in the heart of Bangalore City for a deal valuing at Rs. 55 Crores out of which has utilised Rs. 40 Crores to reduce its debt by from the overall consolidated debt by repaying the lender - HDFC Ltd. against the loan availed by the Company.

The Company is in line with the strategy of exiting from the Residential Space which is in accordance with the earlier announcement dated 25h January 2019 for exiting from the residential properties.

With this exit from the land parcel and repayment of existing loan from HDFC, we have reduced our consolidated debt by Rs. 450 Crores with in last 3 weeks.

The Company shall further keep the exchanges informed as and when any such reduction in overall debt happens upon materialisation of any transactions in future.

As this information seems to be material in the opinion of the Board of Directors of the Company, we wish to disclose to the Exchanges under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, for the benefit of the investors and other Stakeholders.

Pdf Link: Nitesh Estates Ltd - Reduction Of Further Debt Of Rs. 40 Crores By Repaying To The Lender.

Source : BSE - www.bseindia.com

Published on April 01, 2019

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