Authum Investment Acquires 49.30% Stake in NITCO Limited for INR 1037.81 Crores

Authum Investment & Infrastructure Ltd has acquired 11,25,00,000 equity shares of NITCO Limited, amounting to 49.30% of NITCO's total paid-up capital. The acquisition was made in accordance with the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018 and applicable law. The cost of acquisition was INR 1037.81 crores, converting part of NITCO's unsustainable debt into equity. NITCO is engaged in the business of manufacturing ceramic tiles, processing imported marbles, trading in vitrified tiles and wall tiles, and acquisition, sale, development, and construction of real estate and construction projects. The company's net worth as of March 31, 2024, was Rs. (502.21) Crore and the turnover was Rs. 327.83 Crores.