Kolte-Patil Developers acquires 49% in two group SPVs for Rs 65.62 crore

MUMBAI: Pune-based Kolte-Patil Developers has acquired 49% stake in two of its group subsidiaries for total Rs 65.62 crore, the company said in a release. The developer has acquired the said stake in subsidiaries Oakwoods Hospitality and Jasmine Hospitality, from Epsilon Investments.

These subsidiaries were earlier formed by KPDL with a 51% stake ownership, and foreign partner Epsilon Investments holding a 49% stake in both the subsidiaries. The completion of this transaction now results in both subsidiary companies becoming wholly owned subsidiaries of KPDL.

The acquisition is line with the company's larger plans for upcoming real estate projects and it is planning to develop high-end residential project on two land parcels of subsidiaries under its brand '24K', the release said.

While the Oakwoods Hospitality's Pune property consists of 0.45 million sq ft saleable area, the Bangalore property of Jasmine Hospitality comprises of 0.58 million sq ft of saleable area.

On Tuesday, shares of Kolte-Patil closed at Rs 104.15 on the Bombay Stock Exchange, up 1.4% over Monday's close.