Nitco Ltd has completed the registration of the conveyance deed for 75% of its land in Kanjurmarg, Mumbai. The company received a consideration of ₹143 crore from R Siddhatva Developers Private Limited, a step-down subsidiary of Runwal Construction Private Limited.

This transaction follows shareholder approvals and fulfills conditions set in earlier agreements dated May 13, 2026, and June 29, 2026. The disclosure was made under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Transaction Structure and Remaining Land

The agreement for the remaining 25% of the land has also been registered with the same entity. However, the conveyance deed for this portion will be executed only after Nitco receives specific commercial assets. These include 1,00,000 square feet of commercial RERA carpet area and an additional 8,500 square feet of space in the basement.

Revenue Outlook from Commercial Space

Nitco expects to realize revenue of approximately ₹250 crore from the sale of the commercial space it will receive as part of the deal for the remaining land. This inflow is contingent upon the execution of the final conveyance deed once the specified square footage is handed over.

What the Numbers Show

The transaction splits the monetization of the Kanjurmarg asset into two distinct phases with different realization mechanisms. The immediate receipt of ₹143 crore provides instant liquidity for the 75% portion sold outright. In contrast, the remaining 25% involves a barter-like structure where land is exchanged for commercial real estate, which Nitco then plans to sell for an estimated ₹250 crore. This indicates a strategy to convert non-core land assets into both cash and high-value commercial inventory, potentially diversifying the company's revenue streams beyond the initial cash consideration.

Nitco Limited concluded its 60th Annual General Meeting on September 17, 2026, with shareholders approving all four ordinary resolutions. The company disclosed final voting results on September 21, 2026, showing a total participation rate of 68.65% across 29,835 shareholders on record.

The virtual meeting, presided over by Chairman and Managing Director Vivek Talwar, focused on routine corporate governance matters including the adoption of audited financial statements for FY26 and the re-appointment of key personnel. B. Durgaprasad Rai served as the scrutinizer for the voting process conducted via National Securities Depository Limited (NSDL).

Voting Participation

Total votes polled stood at 173,395,840 out of 252,576,105 shares held by eligible shareholders. Promoter group participation was near-universal, with 99.85% of promoter-held shares casting votes. Public non-institutional shareholders accounted for the bulk of public participation, polling 60.97% of their holdings.

Key Resolutions Passed

Shareholders unanimously approved the adoption of the audited standalone and consolidated financial statements for the fiscal year ended March 31, 2026. The resolution received 100% support from promoters and public institutions, while public non-institutional shareholders cast only 11 votes against it out of over 112 million polled.

Ms. Poonam Talwar was re-appointed as a Non-Executive Director after retiring by rotation. The resolution passed with 99.99% support overall. Shareholders also ratified the re-appointment and remuneration of M/s. R. K. Bhandari & Co. as Cost Auditors for FY27 at ₹75,000 plus taxes and expenses.

Related Party Transactions

A significant governance update involved revising the limit for material related-party transactions with M/s. Authum Investment & Infrastructure Limited. The Board was empowered to enter into transactions with Authum up to an aggregate value of ₹250 crore for FY27.

Promoters abstained from voting on this resolution as required under Section 188 of the Companies Act, 2013. The resolution passed with 99.98% support from eligible public shareholders, who cast 410,828 votes in favour against 89 dissenting votes.

Attendance Details

Sixty-four shareholders attended the meeting through video conferencing, comprising 12 from the promoter group and 52 from the public category. Remote e-voting was available from September 12 to September 16, 2026, followed by venue e-voting during the AGM.