NXTDIGITAL completes sale of land parcel at Hyderabad
Hinduja Group's headend-in-the-sky platform NXTDIGITAL Ltd (NDL) on Friday said it has completed a Rs 69.30-crore transaction for the sale of a land parcel held by it in Hyderabad.
The sale agreement was signed and registered with the appropriate authorities in Hyderabad on Thursday and the balance consideration was received, NDL said in a regulatory filing.
The money is being utilised to further reduce debt in line with its debt reduction plans, it added.
''The total consideration for the sale of the land parcel is Rs. 69.30 crore,'' said NDL.
NDL's debt has already been reduced by Rs 260 crore, pursuant to the recently concluded rights issue, and the money raised through the land sale will reduce it further.
''With the above two steps, the debt-to-equity ratio of the company has dropped to approximately 1.5 times. The company has realised a profit of about Rs 45 crore on the transaction,'' it said.
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