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NCC Ltd. signed an agreement with GRPL Housing Pvt. Ltd., Bangalore for selling NCC Vizag Urban for a total consideration of ~Rs 5 billion (Rs 2 billion for equity invested and recovery of loan plus accrued interest of ~Rs 3 billion).
The special purpose vehicle owns 100 acre land parcel in Vizag. NCC’s investment in the subsidiary is Rs 3.5 billion (Rs 500 million equity and loans plus accrued interest of Rs 3 billion).
The equity consideration of Rs 2 billion would be received in four installments by March 2023 (first installment of Rs 475 million received) while loan and accrued interest are likely to be received in tranches by March-24.
Expected sale proceeds to release capital for growth and improve visibility on revenue scale up to Rs 123 billion/Rs 143 billion in FY23E/FY24E from Rs 98.3 billion in FY22E.
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