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Nitesh Estates inks agreement to sell 100% stake in tier II subsidiary

Nitesh Estates has entered into an agreement to sell 100% stake in step down tier II subsidiary – Nitesh Pune Mall. The company has signed the agreement with ABIL group of Pune (Ela Realty, a SPV of ABIL). NIRPL a 100% subsidiary through its step down subsidiary will exit the entire holding of this 1 million sq. ft. shopping mall.

The step down tier II subsidiary of the company will utilise the proceeds of the sale to repay the NCD liabilities of the debenture holders Goldman Sachs with a onetime settlement amount agreed mutually.

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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