Nitesh Estate Acquires Remaining 50% Stake Of CCPL

Nitesh Estates Limited, engaged in the development and construction of properties, announced on Thursday that the company has acquired the remaining 50% ownership of the Courtyard Construction Private Limited (CCPL), making the CCPL as a wholly-owned subsidiary of the company.

Earlier in 2010, Nitesh Estates had acquired a 50% ownership in the CCPL.This acquisition gives the company ownership of CCPL’s 21,000 sq.ft prime land parcel which is located in Cunningham Road, Banglore.

The Nitesh Estate will be soon planning to launch its Luxury Residential Project which will garner Rs 110 crore top line revenue over the next 24 months.

Nitesh Estates Limited was trading at Rs 9.40, up by 6.70 % on BSE at 1309 hours. The scrip touched its intraday high and low at Rs 9.64 and Rs 8.85, respectively. It opened at Rs 8.85 from Wednesday's closing of Rs 8.81.

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