NEL gets arrangement to exit two land parcels and reduces debt burden

On 23 October 2019

Nitesh Estates Limited (NEL) announced that the Company have signed/get into an arrangement to exit from another two prime parcel of the land in the suburbs of Bangalore City, namely, the land parcels situated in: i) Old Madras Road, Bangalore -113 Crares with a Pune/Mumboi based developer; and ii) Hennur Road, Bangalore - 114 Crores through land owners consortium to a Bangalore developer. The above two exits of land parcels are currently under due diligence process, which is expected to be completed within next 45 days. Besides, the Company shall be reducing its further debt of Rs. 152 crores from the overall consolidated debt by repaying the lender. Rest of the money as received from exit of land parcel will be utilised for repaying the liability towards customer refunds and towards land owner's obligations.

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