Nel Holdings South Ltd - Intimation - Exit Of Residential Project

We would like to inform that in line with our earlier intimation, the Company has exited from one more project in east Bangalore in one of our Subsidiary(NUDPL). While the deal for exiting the project was signed 18 months ago but due to various legal challenges and financial arrangement with the new developer, the same was delayed. Further post one time final settlement with the financial institution (FI), it has also been agreed to release the charge on this project discharging NUDPL from all its liability & incoming developer through the BTA has agreed to take over this project. Application for RERA approval accorded earlier is also under process for modification. This is in line with the strategy of exiting from the Residential Space along with cleaning up the debts in Balance Sheets and further getting into new service sector businesses as per revised objects of the Company. The consolidated debt of the Company post settlement with FI stands reduced to Rs.551 Crs.