Nitesh Estates sells land in Bengaluru for Rs 55 cr; cuts debt by Rs 450 cr in last 3 wks

Bengaluru-based firm Nitesh Estates has sold a land parcel in the IT-city for Rs 55 crore as part of its plan to sell non-core assets and repay debt.

In a regulatory filing, Nitesh Estates informed that it has "sold the prime parcel of the land in the heart of Bengaluru City for a deal valuing at Rs 55 crore".

Of this amount, the company has utilised Rs 40 crore to repay loan taken from HDFC Ltd.

In January, Nitesh Estates had said that it aims to cut debt by Rs 700 crore within six months.

Last month, the company has sold a shopping mall in Pune and reduced its debt by Rs 408 crore.

"The company is in line with the strategy of exiting from the residential space," it said.

"With this exit from the land parcel and repayment of existing loan from HDFC, we have reduced our consolidated debt by Rs 450 crore within last three weeks," the company said in the filing.