Kolte Patil Developers zooms on acquiring 49% stake in its two subsidiaries for Rs 65.62 crore

19 Feb 2013

Kolte Patil Developers is currently trading at Rs. 108.20, up by 5.50 points or 5.36% from its previous closing of Rs. 102.70 on the BSE.

The scrip opened at Rs. 103.50 and has touched a high and low of Rs. 110.65 and Rs. 102.10 respectively. So far 358583 shares were traded on the counter.

The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 136.35 on 21-Jan-2013 and a 52 week low of Rs. 33.75 on 18-May-2012.

Last one week high and low of the scrip stood at Rs. 111.15 and Rs. 95.60 respectively. The current market cap of the company is Rs. 819.88 crore.

The promoters holding in the company stood at 74.44% while Institutions and Non-Institutions held 1.10% and 24.46% respectively.

Kolte-Patil Developers (KPDL) has acquired 49% stake in its two subsidiaries namely Oakwoods Hospitality and Jasmine Hospitality, those having a project at Pune and Bangalore respectively, for total consideration of Rs 65.62 crore.

Formerly both these subsidiaries were formed by KPDL with a 51% stake ownership, and Epsilon Investments, a Foreign Investor, had a 49% stake in both the subsidiaries. The completion of this transaction results in both subsidiary companies becoming wholly owned subsidiaries of KPDL.

The acquisition of both these companies ties in with KPDL’s larger plans for upcoming real estate projects. While the Pune property consists of 0.45 million square feet of saleable area, the Bangalore property comprises of 0.58 million square feet of saleable area. Given the significance of these companies, KPDL plans to develop a high end residential project on these two land parcels under its brand ‘24K’.

Related Kolte Patil Developers Ltd. Links:

Kolte Patil Develop. Share Price

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