Corolla Realty

Pune-based Kolte Patil buys out 100% stake in Corolla Realty for Rs 164 crore

6:11 PM

Pune-based Kolte Patil buys out 100% stake in Corolla Realty for Rs 164 crore

Kolte Patil said that it now controls 100% of Corolla Realty Ltd, a special purpose vehicle (SPV), after spending Rs 164 crore to buy its partner’s 63% stake.
Kolte Patil has bought out its joint veture partner ICICI Venture Funds in a Pune based real estate project
Kolte Patil has bought out its joint veture partner ICICI Venture Funds in a Pune based real estate project

Pune-based real estate firm Kolte Patil Developers Ltd has bought out its joint veture partner ICICI Venture Funds Management Company Ltd in a Pune based real estate project which the two were developing together.

In a notification to stock exchanges on Monday, Kolte Patil said that it now controls 100% of Corolla Realty Ltd, a special purpose vehicle (SPV), after spending Rs 164crore to buy its partner’s 63% stake. The company earlier held a 37% stake in the project.

Corolla Realty is the holding entity of Ivy Estate, an 80 acre real estate development located at Wagholi in Pune.

The total saleable area of the project stands at 5.3 million feet of which around 2.5 million square feet had been sold as of the end of the first quarter of the current financial year.

“We are happy to close this transaction and be eligible to receive 100% revenues and profits from the project. Ivy Estate is one of our established projects targeted at the mid-income group (MIG) segment and a strong volume driver for the company,” said Sujay Kalele, chief executive officer, Kolte Patil Developers.

At 2.50pm, shares of Kolte Patil developers were trading at Rs181.51 per share, up 0.56% from previous close. The benchmark BSE Sensex was trading at 26,881, down 0.7%.


- by Bidya Sapam

Source:- LiveMint

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