Nitco has received an approval for the sanction received from JM Financial Asset Reconstruction Company (JMFARC) for debt restructuring plan. The board of directors at its meeting held on January 28, 2018 approved the same.
The company has received approval to increase its authorized share capital to Rs 230 crore from Rs 60 crore. The board also approved allotment of 70.61 lakh shares of face value of Rs 10 each at the premium of Rs 103.29 to JM Financial Asset Reconstruction.
Nitco is an India-based company engaged in the manufacture of ceramic products and processing of imported marble. The company is engaged in providing floor and wall solutions with a portfolio comprising a range of tiles, marbles, mosaico and development to real estate projects.
