New Delhi: Bengaluru-based firm Nitesh Estates has sold a land parcel in the IT-city for ₹55 crore as part of its plan to sell non-core assets and repay debt.
In a regulatory filing, Nitesh Estates informed that it has "sold the prime parcel of the land in the heart of Bengaluru City for a deal valuing at ₹55 crore".
Of this amount, the company has utilised ₹40 crore to repay loan taken from HDFC Ltd.
In January, Nitesh Estates had said that it aims to cut debt by ₹700 crore within six months.
Last month, the company has sold a shopping mall in Pune and reduced its debt by ₹408 crore.
"The company is in line with the strategy of exiting from the residential space," it said.
"With this exit from the land parcel and repayment of existing loan from HDFC, we have reduced our consolidated debt by ₹450 crore within last three weeks," the company said in the filing.
This story has been published from a wire agency feed without modifications to the text.
