Kolte Patil Developers has entered into a share purchase agreement to buy-out the 50% stake held by India Advantage Fund-III (IAF-III) and India Advantage Fund-IV (IAF-IV) managed by ICICI Venture Funds Management Company (ICICI Venture) in KPDL's flagship township project - Life Republic Township Project in Pune.
Following the buy-out, 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 50% to 90%. The cost of acquisition is Rs 140 crore.
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.
