Nitco Ltd

Land conveyance update

• Registration completed for 75% of land with R Siddhatva Developers Pvt Ltd.
• Consideration of INR 143 crores already received.
• Remaining 25% land sale registered; conveyance to be executed after receipt of 100,000 sq ft carpet area.
• Additional 8,500 sq ft basement space required for final conveyance.
• Estimated revenue from commercial space sale: INR 250 crores.
• Regulatory compliance: details submitted under Regulation 30 SEBI LODR on Jan 30, 2026.

NITCO Limited trading window closed from October 01, 2026 until 48 hours after the declaration of unaudited standalone and consolidated financial results for the quarter and half year ended September 30, 2026

AGM Details

• AGM held on 17 Sep 2026, 11:30–12:50 via VC/OAVM.
• Record date 10 Sep 2026; total on-record shareholders 29,835.
• Attendance via video: Promoter group 12, Public 52.
• Remote e-voting 12–16 Sep 2026; AGM voting on 17 Sep 2026.
• Scrutinizer: B. Durgaprasad Rai; report annexed.

Resolutions and results

• Resolution 1: Adopt standalone and consolidated financial statements; passed.
• Resolution 2: Re-appointment of Ms. Poonam Talwar; passed.
• Resolution 3: Re-appointment and remuneration of cost auditor; Rs 75,000; passed.
• Resolution 4: Revise limit for related party transactions with Authum; Rs 250 crore; passed; related-party votes not considered per Reg 23(4) LODR.

Directors and auditors

• Ms. Poonam Talwar re-appointed as director (retires by rotation).
• Cost auditor remuneration for FY2027 fixed at Rs 75,000; taxes extra.
• No change indicated in statutory auditor.

Material related party transactions

• Approve revised aggregate limit for Authum-related party transactions to Rs 250 crore.
• Transactions to be in ordinary course and arm's length.
• Board/Audit Committee authorized to finalize terms and execution.

AGM details

• AGM held on 17 Sep 2026 at 11:30 IST via VC/OAVM.
• AGM concluded at 12:50 IST; remote e-voting 12–16 Sep 2026.
• Eligibility cut-off for e-voting set at 10 Sep 2026.

Resolutions put to vote

• Adopt audited standalone and consolidated financial statements — Ordinary.
• Appointment and re-appointment of Ms. Poonam Talwar as Director — Ordinary.
• Re-appointment and remuneration of Cost Auditor — Ordinary.
• Revision of material related party transaction limit with Authum — Ordinary.

Voting results

• Outcome for all resolutions pending; results to be declared after scrutiny.
• Results to be intimated to stock exchanges and uploaded on NSDL and company site.

Directors

• Ms. Poonam Talwar to be re-appointed as Director (retirement by rotation).

Auditors

• Cost Auditor to be re-appointed; remuneration to be determined.

Material related party transactions

• Revision of RPT limit with Authum Investment & Infrastructure Limited.

Key appointment

• Arihant Kothari appointed Company Secretary, Compliance Officer and KMP, effective Sept 15, 2026.
• Senior Management Personnel designation conferred alongside KMP.
• Nomination and Remuneration Committee recommended the appointment.
• Annexure-A provides appointment details and professional profile.
• KMPs for materiality disclosures: Vivek Talwar (MD), Kamal Abrol (CFO), Arihant Kothari (CS & CO).

Rating Action Details

• Infomerics reaffirmed Nitco Ltd's NCDs (Rs 50 crore) and Redeemable Non-Convertible Preference Shares (Rs 150 crore).
• Ratings assigned: IVR BB+/Stable for both instruments.
• Total rated facilities: Rs 200 crore.
• Rating letter dated Sep 02, 2026; validity one year to Sep 01, 2027.
• Outlook: Stable; Regulator: MCA.
• Rationale notes consideration of FY26 (audited) and Q1 FY27 performance.
• Material change since last rating: none indicated; reaffirmation.

JV overview and projections

• MoU to form JV between HoABL Impactum and NITCO and NITCO Realties.
• HoABL revenue projection: Rs 3,000 crore; NITCO: Rs 1,500 crore over five years.
• HoABL to invest about Rs 1,000 crore toward construction.
• Subject to approvals and definitive agreements; not a related-party transaction.

Project scope and location

• 40-acre Alibaug land parcel for luxury residential and hospitality.
• Includes luxury apartments, townhouses, and a Miros-branded boutique hotel.
• Second Alibaug project after Sol-de-Alibaug.
• Development to be phased; location, configuration, and timeline to be announced.

Approvals and disclosures

• Approvals and execution of definitive agreements required.
• HoABL Impactum not related to NITCO promoter group.
• Transaction does not constitute a related-party transaction.

Context and background

• HoABL is India's largest branded land developer; 13 million sq ft sold.
• Sol-de-Alibaug is HoABL's prior Alibaug project.

MOU for Alibaug land development

• MOU signed Aug 24, 2026 among Nitco Limited, Nitco Realties, Vivek Talwar and HOABL for land development.
• Land involved: Thal and Lonare villages, Alibaug Taluka, Raigad.
• Estimated consideration: Rs 1,300–1,500 crore over five years.
• Security deposit received: Rs 9 crore by cheque.
• Consideration to be recognised over the period per accounting standards.
• Definitive agreements to follow after conditions precedents and approvals.
• No special rights to appoint directors or change capital under the MOU.
• Related party notes: HOABL not promoter group; Nitco Realties wholly owned; HOABL not RPT.
• Transaction to be disclosed to exchanges upon full completion.
• No issuance of shares contemplated at this stage.

Capital advance recovery

• Rs. 995.98 Lakhs recovered and fully settled; no outstanding.
• Advance was for land procurement; transaction did not materialize.
• Improves liquidity by removing long-outstanding receivable.
• No further amounts due from SBPL.