Kolte-patil Developers invests Rs 70 crore in its subsidiary Kotte-patil I-Ven Townships (pune) Ltd
Deepthi | Myequity news | Date : 02-03-2019 18:05:00 IST
Kolte-patil Developers Limited, a leading Pune based real estate developer, announced today that the company has made further investment of Rs. 70 crore in its subsidiary, Kolte-patil I-Ven Townships (pune) Ltd. (KPIT), which is the SPV for its township project, Life Republic, Hinjewadi Pune, The investment is in the form of convertible Preference shares and Debentures and has acquired these securities from its project partner India Advantage Fund - III and India Advantage Fund - IV managed by ICICI venture Funds Management Company Limited (ICICI Venture).
This investment is in line with the company's strategy to consolidate its ownership in established Projects that have strong visibility of sales momentum and cash flows. This also allows the company to remain relevant to home buyers by maintaining a significant part of inventory in the mid to affordable housing segment that is seeing greater interest and off take.
Life Republic is already a landmark destination in western Pune with best-in-class physical as well as social infrastructure. The project has strong visibility of new launches, which are garnering significant interest from home buyers. The first phase of the project has already been completed and delivered within the stipulated delivery period and is currently home to 8,000 residents. Recent launches have received a strong response with sales of over 600,000 square feet over the last two quarters, Life Republic, being the company's flagship project spread across approx. 400 acres, is expected to continue to drive the Company's revenue. About Kolte-Patil Developers Limited
Kolte-Patil Developers Ltd. is a leading real estate company with dominant presence in the Pune residential market. The company has developed and constructed over 50 projects including residential complexes, commercial complexes and IT parks covering a saleable area of ~15 million square feet across Pune, Mumbai and Bengaluru.