Authum Investment & Infrastructure Limited has successfully acquired a 49.3% stake in NITCO Limited, marking a significant step in its strategic restructuring plans. This acquisition follows the conversion of approximately ₹1,037.81 crore of unsustainable debt owed by NITCO into equity, a move aimed at revitalizing the business and propelling growth.
The deal, announced on January 28, 2025, will result in the issuance of 11.25 crore equity shares of NITCO, securing Authum a major stake in the tile manufacturing and real estate development company. With this acquisition, NITCO will now be classified as an associate company of Authum.
As part of the restructuring, NITCO intends to focus on several key growth initiatives, including debt restructuring, capital issuance, and the expansion of its real estate and construction operations. The company has already received the necessary regulatory approvals from NITCO’s shareholders, as well as from the BSE and NSE.
The acquisition is expected to play a pivotal role in transforming NITCO’s financial position and its long-term sustainability, benefiting all stakeholders involved.
