Nel Holdings Ltd - 533202 - Exit Of Two Land Parcels And Reduction Of Further Debt Of Rs. 152 Crores
We are pleased to inform that the Company have signed/get into an arrangement to exit from another two prime parcel of the land in the suburbs of Bangalore City, namely: Land Parcels situated in: 1. Old Madras Road, Bangalore - 113 Crores with a Pune/Mumbai based developer; 2. Hennur Road, Bangalore - 114 Crores through Land Owners consortium to a Bangalore Developer. The above two exits of land parcels are currently under due diligence process which is expected to be completed within next 45 days. Rest of the money as received from the exit of land parcel will be utilised for repaying the liability towards customer refunds and towards land owner's obligations. Over and above these two land parcels due diligence is ongoing on three other Residential exists which will bring down the overall debt of the Company by another Rs. 200 Crores on exists of the three other luxury Residential parcels.23-10-2019