NEL Holdings South Ltd to exit Melbourne Park project

NEL Holdings South Limited had earlier announced exit from the residential real estate business and deleveraging the overall debt of the Company. The Company has now signed a Business Transfer Agreement with Ramky Estates and Farms Limited (REFL) for exit of Melbourne Park project held with NHDPL South Private Limited (the wholly owned subsidiary of the Company).

The Company has also applied to the RERA authority for the transfer of the Melbourne Park project to Ramky Estates and Farms Limited (REFL)

Accordingly the corresponding debt associated with the project with the financial institutions and the underlying consumer issues shall get settled.

Shares of NEL Holdings South Ltd was last trading in BSE at Rs. 2.32 as compared to the previous close of Rs. 2.32. The total number of shares traded during the day was 475650 in over 131 trades.

The stock hit an intraday high of Rs. 2.36 and intraday low of 2.26. The net turnover during the day was Rs. 1094819.

Source : Equity Bulls

Keywords