NITCO Limited Seeks Shareholder Approval for Kanjurmarg Land Monetization
NITCO Limited has dispatched a postal ballot notice to its shareholders, seeking approval for the monetization of a significant land parcel in Kanjurmarg, Mumbai. The transaction involves M/s. R Siddhatva Developers Private Limited, a step-down subsidiary of M/s. Runwal Construction Private Limited, and is subject to shareholder consent through a special resolution.
The land parcel, measuring 16,257.5 square meters and bearing C.T.S. No. 657D corresponding to Old Survey No. 275, is a key asset for NITCO. The Board of Directors, at its meeting held on May 13, 2026, reviewed and approved the proposal to enter into a conveyance deed or agreement with the buyer. The revised commercial structure appropriates an advance amount of ₹143 Crores received from M/s. Runwal Construction Private Limited towards the monetization of 75% of the land. The remaining 25% of the land will be monetized against increased area space in the project proposed to be developed by M/s. R Siddhatva Developers Private Limited.
To facilitate the voting process, the company has engaged National Securities Depository Limited (NSDL) to handle remote e-voting. Shareholders whose names appear on the Register of Members or List of Beneficial Owners as of the cut-off date of Friday, May 15, 2026, are eligible to vote. The remote e-voting period commences on Thursday, May 28, 2026, at 9:00 A.M. (IST) and concludes on Saturday, June 27, 2026, at 5:00 P.M. (IST). The results of the postal ballot will be announced on or before June 30, 2026.
The proposal follows a previous special resolution passed on July 17, 2024, which had approved the monetization of the same land to M/s. Runwal Construction Private Limited for a monetary consideration of ₹232 Crores along with non-monetary consideration. However, the earlier transaction did not materialize. Therefore, the company is now proceeding with the step-down subsidiary, M/s. R Siddhatva Developers Private Limited, as the buyer under the revised structure.
Mr. B. Durga Prasad Rai, a Practising Company Secretary, has been appointed as the Scrutinizer to conduct the postal ballot and remote e-voting process. The resolution will be deemed passed on the last date specified for voting, June 27, 2026, if the requisite majority assents to the resolution.
NITCO Limited, a leading player in the tiles, marble, and mosaic industry, has been focusing on strategic initiatives to strengthen its balance sheet and fund future growth. The company has already reported a strong financial turnaround for FY26, achieving a PAT of ₹34.22 crore against a net loss of ₹736.22 crore in FY25. Revenue from operations surged 73% to ₹539.71 crore, driven by the core business segment and strategic partnerships.
