Nitesh Estates sells 4 acres land in Kochi for Rs 26 cr

Realty firm Nitesh Estates today said it has sold 4 acres of land in Kochi for Rs 26.50 crore.
The company had 4 acres of the land parcel at Kakanad village in Kochi, Kerala, Nitesh Estates said in a filing to BSE.
"In view of the sluggish market conditions, the company has decided to sell off the land and has finalised the same with a third party for a total consideration of Rs 26.50 crore," the Bengaluru-based developer said.
The proceeds of the sale will be utilised to reduce the debts of the company, it added.
This transaction is expected to be completed by September.

Shares of the company closed 5.59 per cent up at Rs 13.40 on BSE.