Kolte Patil IPO in band of Rs 125-145 per share
Pune-based Kolte Patil Developers has fixed a price band of Rs 125 to Rs 145 per share for its initial public offer to raise up to Rs 275 crore.
By PTI |
MUMBAI: Pune-based Kolte Patil Developers (KPDL) has fixed a price band of Rs 125 to Rs 145 per share for its initial public offer to raise up to Rs 275 crore.
The company proposes to offer 1.9 crore equity shares of Rs 10 each and the total issue will comprise around 25.25 per cent of the company's post-issue paid up capital. The funds will be used to finance land acquisition, construction and development costs for some of its proposed projects.
"We plan to enter into the hospitality sector through a joint venture with Arora International Hotels, a UK-based hotelier for the development of at least two hotel properties at Nagar Road in Pune and Hosur Road in Bangalore," KPDL Chairman and Managing Director Rajesh Patil told reporters.
The hotel projects are to be developed through an SPV. The company would hold development rights. The SPV is proposed to be 51 per cent owned by the company and 49 per cent by Arora and the hotel management company is proposed to be owned by both parties on a 50:50 basis, Patil said.
KPDL is also in the process of developing 28 projects, including 24 in Pune and four in Bangalore. These projects are being developed with the aim of generating over 17.80 million sq ft of saleable area on 21.61 million sq ft of land area and to include five IT parks, 11 commercial complexes, 10 residential complexes, one service apartment building and an integrated township.
The company proposes to offer 1.9 crore equity shares of Rs 10 each and the total issue will comprise around 25.25 per cent of the company's post-issue paid up capital. The funds will be used to finance land acquisition, construction and development costs for some of its proposed projects.
"We plan to enter into the hospitality sector through a joint venture with Arora International Hotels, a UK-based hotelier for the development of at least two hotel properties at Nagar Road in Pune and Hosur Road in Bangalore," KPDL Chairman and Managing Director Rajesh Patil told reporters.
The hotel projects are to be developed through an SPV. The company would hold development rights. The SPV is proposed to be 51 per cent owned by the company and 49 per cent by Arora and the hotel management company is proposed to be owned by both parties on a 50:50 basis, Patil said.
KPDL is also in the process of developing 28 projects, including 24 in Pune and four in Bangalore. These projects are being developed with the aim of generating over 17.80 million sq ft of saleable area on 21.61 million sq ft of land area and to include five IT parks, 11 commercial complexes, 10 residential complexes, one service apartment building and an integrated township.
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