Deepak Nitrite to sell Pune land

Deepak Nitrite Ltd has informed BSE that the Board of Directors of the company on June 23, 2014, approved the sale of parcel of land admeasuring 12,141 sq m in Pune (Maharashtra), subject to receipt of all requisite approvals and permissions, based on the valuation report of renowned independent professional firm.
 
The proposal to sell the said land is with a view to monetise the value of its unutilised assets and improve shareholders value by freeing up capital to facilitate growth.
 
Deepak Nitrite had shifted its headquarter from Pune to Vadodara a few years as majority of the company’s manufacturing activity was moved to Gujarat with investments in new plants.