Nitesh Estates is currently trading at Rs. 11.18, up by 0.75 points or 7.19% from its previous closing of Rs. 10.43 on the BSE.
The scrip opened at Rs. 10.85 and has touched a high and low of Rs. 11.18 and Rs. 10.55 respectively. So far 7739 shares were traded on the counter.
The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 14.74 on 10-Dec-2013 and a 52 week low of Rs. 8.70 on 02-Aug-2013.
Last one week high and low of the scrip stood at Rs. 11.18 and Rs. 9.99 respectively. The current market cap of the company is Rs. 160.56 crore.
The promoters holding in the company stood at 46.04% while Institutions and Non-Institutions held 27.96% and 26.00% respectively.
Nitesh Estates’ subsidiary- Nitesh Housing Developers has on date fully redeemed the Optionally Convertible Debentures (OPD) of Rs 62 crore issued to HDFC Asset Management Company with an aggregate pay out of Rs 141.93 crore, including interest calculated with IRR of 26%. Upon Redemption of Debentures, the company has also released 10,203,690 (6.99%) Pledged Shares of the Promoter as well as Nitesh Estates holding of 44, 94,900 Equity Shares (89.1%) in Nitesh Housing Developers.
Consequent to this, the Company's cost of capital will reduce significantly and this will enhance the profitability of the Company going forward.
Nitesh Estates is a leading integrated property development company headquartered in Bangalore. The company provides world-class products and services and has presence across four asset class - Homes, Hotels, Office Buildings, and Shopping Malls.
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