Kolte Patil Developers has made investment of Rs 70 crore in its subsidiary — Korte-patil I-Ven Townships (Pune) (KPIT), which is the SPV for its township project, Life Republic, Hinjewadi Pune. The investment is in the form of convertible preference shares and debentures and has acquired these securities from its project SPV partner India Advantage Fund – III and India Advantage Fund – IV managed by ICICI Venture Funds Management Company.
This investment is in line with the company’s strategy to consolidate its ownership in established projects that have strong visibility of sales momentum and cash flows. This also allows the company to remain relevant to home buyers by maintaining a significant part of inventory in the mid to affordable housing segment that is seeing greater interest and off take.
Kolte Patil Developers is a leading real estate company. The company has developed and constructed over 50 projects including residential complexes, commercial complexes and IT Parks covering a saleable area of approximately 15 million square feet across Pune and Bengaluru.