Utilises sale consideration of Rs 69.30 to further reduce debt
NxtDigital has yesterday, 13 January 2022, successfully completed the transaction of sale of land parcel held by it in Hyderabad. The Sale Agreement was signed and registered with the appropriate authorities in Hyderabad on 13 January 2021 and the balance consideration received.The total consideration for the sale of the land parcel is Rs 69.30 crore. This results in a cash inflow of Rs 69.30 crore which is being utilised to further reduce debt in line with its debt reduction plans. The debt already having been reduced by Rs 260 crore 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.
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