NBCC Sells Commercial Space In Delhi For Rs 1,342 Crore

NBCC India Ltd. has conducted a bulk sale e-auction, selling 100% of its commercial built-up space worth Rs 1,342 crore at Down Town Sarojini Nagar, New Delhi, as per an exchange filing on Thursday. 

Acting as the Project Management Consultant and Marketing Consultant on behalf of the Ministry of Housing and Urban Affairs, the state-owned company has sold approximately 3.52 lakh square feet of unsold commercial inventory to a private entity, garnering a total sale value of Rs 1,342.3 crore. 

As on date, NBCC has sold around 3.64 lakh square feet of commercial space through open e-auctions, with a cumulative sale value of Rs 1,390.9 crore.

NBCC is set to consider issuing bonus shares to its shareholders, pending approval in the upcoming board meeting on Aug. 31. The company's trading window will remain closed from Aug. 28 until 48 hours, after the conclusion of the board meeting.

The company also reported a 38% year-on-year increase in profit for the April-June quarter of 2024, reaching Rs 107.2 crore compared to Rs 77.4 crore in the same period last year.