Kolte Patil completes final tranche payment for buy-out of ICICI Venture’s 50% stake in Life Republic Township Project

28 Nov 2020 Evaluate

Kolte Patil Developers (KPDL) has completed the third and final 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 largely funded through internal accruals. The current disbursement follows the second installment of Rs 70 crore paid out in November 2019.

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 installments. The company has now completed all three installments. In addition, 12 acres of land in Life Republic with FSI required to achieve saleable area equivalent to 1.4 million square feet, will be allocated to IAF III and IAF IV upon the project obtaining FSI of 1.0 from the present 0.5. Following the buy-out, KPDL’s economic interest in Life Republic increased to 95% and the company’s overall economic interest in its entire portfolio of projects grew from around 60% to 90%.

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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