Authum Investment & Infrastructure Limited — Important, 28-01-2025: Updates

Authum Investment & Infrastructure Limited has reached a significant milestone by acquiring 11,25,00,000 equity shares of NITCO Limited, marking NITCO as an associate company. The acquisition stems from a Restructuring Agreement, whereby Authum aims to convert approximately ₹1,037.81 Crore of NITCO's unsustainable debt into equity, thereby acquiring 49.30% of NITCO’s total paid-up capital. NITCO, engaged in manufacturing ceramic tiles, marble processing, and construction activities, reported a turnover of ₹327.83 Crore for FY 2023-24 and has a net worth of -₹502.21 Crore.

This strategic acquisition is expected to enhance Authum's portfolio and provide an avenue for future growth, particularly through NITCO's proposed business restructuring plan that includes debt restructuring and the development of real estate projects. Investors should watch closely, as this transaction could position Authum for a stronger financial future amid NITCO's transformation efforts.