Nitesh Estates Limited has entered into an agreement to sell 100 percent stake in the step-down tier II subsidiary - Nitesh Pune Mall Private Limited. The company has signed the agreement with ABIL group of Pune (Ela Realty, a SPV of ABIL). NIRPL a 100 percent subsidiary through its step down subsidiary will exit the entire holding of this 1 million sqft shopping mall. The step-down tier II subsidiary of the Company will utilise the proceeds of the sale to repay the NCD liabilities of the debenture holders Goldman Sachs with a onetime settlement amount agreed mutually. With this one debt of the parent Company in consolidation will be repaid and closed as a part of the deleveraging plan. The buyer ABIL has paid an advance of Rs 30 Cr towards initial advance for purchase and begun due diligence. The deal will be closed subject to shareholder approval which is in process.