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Last Updated : Dec 04, 2019 11:32 AM IST | Source: Moneycontrol.com

Nitco share price locked at upper circuit on appointment of development manager for Mumbai plot

The parties will work towards concluding the definitive agreements containing the terms of the transaction.

 
 
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Nitco share price locked at 5 percent upper circuit on December 4 after the company appointed development manager for its Mumbai plot.

The company with a view to monetise a 4 acre plot situated at Kanjurmarg, Mumbai has entered into a non-binding term sheet on to appoint Hines India Real Estate Pvt Ltd as a development manager for providing end to end services for office/mixed-use development on the said plot with a development potential of approximately 1.3 million sq. Ft. of leasable/ saleable area (subject to design confirmation and applicable regulations).

The roles and responsibilities of the development manager will include pre-development services including preparation of a business plan, assist in the design process, assisting in arranging financial closure etc., construction services, leasing and marketing of the project and asset management post-construction phase.

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The parties will work towards concluding the definitive agreements containing the terms of the transaction.

There were pending buy orders of 63,291 shares, with no sellers available.

At 1103 hrs, Nitco was quoting at Rs 31.10, up Rs 1.45 on the BSE.

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First Published on Dec 4, 2019 11:32 am
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