NXT DIGITAL sells land in Hyderabad for Rs69.30cr; Stock slips 1%

14 Jan 2022 , 03:20 PM

NXTDIGITAL Limited has successfully completed the transaction of sale of land parcel held by it in Hyderabad on Thursday.

The Sale Agreement was signed and registered with the appropriate authorities in Hyderabad on January 13, 2021 and the balance consideration received, said company in a filing.

The total consideration for the sale of the land parcel is Rs69.30cr. This results in a cash inflow of Rs69.30cr which is being utilised to further reduce debt in line with its debt reduction plans. The debt already having been reduced by Rs260cr pursuant to the recently concluded Rights Issue will further stand reduced by the sale consideration mentioned above. With the above two steps the debt to equity ratio of the Company has dropped to approximately to 1.5 times, it added.

The Company has realised a profit of approximately Rs45cr on the transaction.

On Friday, NxtDigital was trading at Rs403.60 per piece down by 1.13% on the BSE, at around 3:20 PM.