Monday , October 18 2021

Kolte-Patil gains on paying 2nd instalment for buyout of ICICI Venture’s stake in Life Republic project

Kolte Patil Developers is currently trading at Rs. 239.45, up by 2.80 points or 1.18% from its previous closing of Rs. 236.65 on the BSE.

The scrip opened at Rs. 240.75 and has touched a high and low of Rs. 240.75 and Rs. 236.00 respectively.

The BSE group ‘B’ stock of face value Rs. 10 has touched a 52 week high of Rs. 288.00 on 27-Sep-2019 and a 52 week low of Rs. 196.00 on 05-Aug-2019.

Last one week high and low of the scrip stood at Rs. 245.00 and Rs. 226.80 respectively. The current market cap of the company is Rs. 1794.16 crore.

The promoters holding in the company stood at 74.63%, while Institutions and Non-Institutions held 14.24% and 11.13% respectively.

Kolte Patil Developers has completed the second tranche payment of Rs 70 crore to India Advantage Fund-III (IAF-III) and India Advantage Fund-IV (IAF-IV) managed by ICICI Venture Funds Management Company (ICICI Venture) for the buyout of their 50% stake in KPDL’s flagship township project – Life Republic.

As indicated earlier, the payment has been made largely funded through internal accruals. The current disbursement is as per schedule and follows the first instalment of Rs 70 crore paid out in March 2019. Following the buyout, KPDL’s economic interest in Life Republic will increase to 95% and the company’s overall economic interest in its entire portfolio of projects will rise from. The Life Republic project resides in an SPV called Kolte-Patil I-Ven Townships (pune).

In May, 2019, Kolte-Patil had announced the buy-out of ICICI venture’s stake for a cash consideration of Rs 210 crore to be paid in three instalments. The company has already completed two installments and the last one is due August 2020.

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.

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