Mumbai: Pune-based real estate firm Kolte Patil Developers Ltd has bought out its two joint venture partners in a Pune based real estate project.
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 Rs164 crore to buy a 63% stake held by its partners ICICI Venture Funds Management Company Ltd and an unnamed individual investor. 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.
Shares of Kolte Patil developers closed at Rs180.55 per share, up 0.22% from previous close on Monday. The benchmark BSE Sensex closed at 26,904.11 down 0.65%.