Nitesh Estates shares rallied more than 16 percent intraday on April 1 after the company further reduced its debt burden.
The stock was quoting at Rs 6.39, up Rs 0.44, or 7.39 percent on the BSE, at 1301 hours IST.
The company further sold the prime parcel of land in heart of Bangalore City for a deal valuing at Rs 55 crore out of which it has utilised Rs 40 crore to reduce debt by from the overall consolidated debt by repaying the lender - HDFC, Nitesh Estates said on April 1.
With this exit from the land parcel and repayment of the existing loan from HDFC, it has reduced consolidated debt by Rs 450 crore in the last three weeks.
The company, on January 23 had said it would overall reduce debt by an extent of Rs 700 crore in next 180 days. Out of Rs 700 crore, it had already reduced its debt by Rs 407.88 crore by selling the shopping mall in Pune.
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