Kolte-Patil Developers will provide an exit to K2A Residential, acting through its investment manager IL&FS Investment Advisors LLC (IL&FS) who is holding 49% equity stake in its subsidiary, Kolte-Patil Real Estate (KPRE).
The exit will be provided for a total consideration of Rs 57.5 crore which shall be paid over the next six months, which will be serviced largely through the internal accruals of the project. Pursuant to the exit of K2A Residential, KPRE will become a wholly owned subsidiary of Kolte-Patil Developers.
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.
