Nitesh Estates has informed that the Company had 4 acres of the land parcel at Kakanad village in Kochi, Kerala. In view of the sluggish market conditions, the company has decided to sell off the land and has finalized the same with a third party for a total consideration of Rs 26.50 Cr. The proceeds of the sale will be utilized to reduce the debts of the Company. This transaction is expected to be completed by Sept 30, 2016.
The above information is a part of company’s filings submitted to BSE.
