Kolte-Patil advances on entering into agreement with KKR for ‘Life Republic’

28 Dec 2017

Kolte-Patil Developers is currently trading at Rs. 379.20, up by 18.75 points or 5.20% from its previous closing of Rs. 360.45 on the BSE.

The scrip opened at Rs. 372.00 and has touched a high and low of Rs. 384.50 and Rs. 371.10 respectively. So far 1,23,000 shares were traded on the counter.

The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 404.60 on 29-Nov-2017 and a 52 week low of Rs. 81.75 on 29-Dec-2016.

Last one week high and low of the scrip stood at Rs. 384.50 and Rs. 353.05 respectively. The current market cap of the company is Rs. 2,864.29 crore.

The promoters holding in the company stood at 74.54%, while Institutions and Non-Institutions held 9.89% and 15.57% respectively.

Kolte-Patil Developers has entered into Rs 193 crore agreement with KKR for its Pune township Life Republic. The global investment firm KKR has committed Rs 193 crore in Kolte-Patil I-Ven Townships (Pune) (KPIT), a joint venture of Koite-Patil and ICICI Venture Funds Management Company. KPIT is developing Life Republic, a 383-acre township located in Pune’s IT hub, Hinjewadi.

KPIT will utilize the funds from this investment to attain financial closure at R1 sector of Life Republic, meeting working capital requirements and reducing cost of outstanding debt attributable to the development.

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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