Deepak Nitrite sells land in Pune for Rs 69.60 crore

NEW DELHI: Chemicals firm Deepak Nitrite today said the company has sold a parcel of land in Pune for a total consideration of Rs 69.60 crore.

Deepak Nitrite in a regulatory filing also announced that it has "surrendered/assigned its lease hold right in respect of adjoining land admeasuring 8,093 sq mtr, situated at Sinhagad Road, Pune for a total consideration of Rs 9.66 crore."

The company has concluded the sale of 12,141 sq mtr of land situated at Sinhagadh Road, Pune in Maharashtra for Rs 69.60 crore, the filing added.

Deepak Nitrate also informed that these transactions are not a related party transactions and the buyer is also not related to the promoter or key managerial personnel of the company.

In January, the company had raised Rs 83.30 crore from institutional investors through private placement of shares.

Gujarat-headquartered Deepak Nitrite has manufacturing facilities at Nandesari and Dahej in Gujarat, Roha and Taloja in Maharashtra, and at Hyderabad in Andhra Pradesh.

It manufactures Bulk Chemicals & Commodities, Fine & Speciality Chemicals and Fluorescent Whitening Agents.