Nitesh Estates hits the roof after reducing debt

Nitesh Estates hit an upper circuit limit of 20% at Rs 6.86 at 11:47 IST on BSE after the company said it reduced its overall consolidated debt by 30%, or Rs 407.88 crore.

The announcement was made after market hours on Friday, 8 March 2019.

Meanwhile, the S&P BSE Sensex was up 316.70 points, or 0.86% to 36,988.13.

On the BSE, 1.27 lakh shares were traded in the counter so far compared with average daily volumes of 19,000 shares in the past two weeks. The stock had hit a low of Rs 6.46 so far during the day. The stock hit a 52-week high of Rs 13.35 on 22 March 2018. The stock hit a 52-week low of Rs 4.85 on 9 October 2018.

Nitesh Estates said it reduce its debt by Rs 407.88 crore from the overall consolidated debt. This reduction has constituted an approximately 30% reduction of the current overall debt of the company. Earlier on 23 January 2019, Nitesh Estates announced its intent to reduce the overall debt by an extent of Rs 700 crore in next 180 days.

In a separate announcement after market hours on Friday, 8 March 2019, Nitesh Estates said that 2,350 secured listed non-convertible debentures of Rs 10 lakh each, aggregating to Rs 235 crore standing in the name of Vistra ITCL (India) as the debenture trustee of Goldman Sachs Investments (Mauritius) I, which is listed with BSE has been successfully redeemed fully by the company on 8 March 2019. The company does not have any liability towards the above debentures as on date and has fully redeemed with full satisfaction of the debenture trustee of Goldman Sachs Investments (Mauritius) I.

On a consolidated basis, Nitesh Estates reported net loss of Rs 47.03 crore in Q3 December 2018 as against net loss of Rs 42.44 crore in Q3 December 2017. Net sales declined 36.96% to Rs 7.64 crore in Q3 December 2018 over Q3 December 2017.

Nitesh Estates the real estate arm of the Nitesh Group, is an integrated property development company headquartered in Bangalore, India.

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