Kolte-Patil Developers completes acquisition of 100 per cent stake in Corrolla Realty

MUMBAI: Realty developer Kolte-Patil Developers has completed acquisition of 100% stake in its special purpose vehicle company Corrolla Realty. The company earlier held 37% stake in the company and has paid total consideration of Rs 164 crore for the complete buy out, the developer said in a notice to Bombay Stock Exchange.

Corrolla Realty was a joint venture with ICICI Venture Funds Management Company, and an individual investor. In the said SPV Kolte-Patil Developers held 37%, ICICI Venture held 37% and individual investor held the remaining 26% equity, respectively. The developer has now bought out these partners to make it a 100% subsidiary of the company.

Corrolla is a holding company for Ivy Estate, an 80-acre property development at Wagholi in Pune. The project’s total saleable area is 5.3 million sq ft, of which around 2.5 million sq ft has already been sold at the end of first quarter of 2015-16, the release said.

Last week, the Pune-based realty developer raised Rs 110 crore through issue of redeemable Non-Convertible Debentures. The developer raised the funds through private placement of these secured NCDs.

For the year ended 2014-15, the company’s registered 29% year-on-year decline in net profit at Rs 65 crore. Revenue stood at Rs 697 crore, down 9% from a year ago.