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.