Kolte-Patil rallies 7% as KKR to invest Rs 193 crore in Pune Township

Shares of Kolte-Patil Developer rallied nearly 7% on Thursday after the company said that global investment firm KKR will invest Rs 193 crore in its township at Pune.

The stock rose as much as 6.67% to Rs 384 on the BSE. 

In a regulatory filing, Kolte Patil said KKR has committed Rs 193 crore in its Kolte-Patil I-Ven Townships (Pune) Ltd (KPIT), which is a joint venture of Kolte-Patil and ICICI Venture Funds Management Company.

KPIT is developing 'Life Republic' a 383-acre township located in Pune's IT hub, Hinjewadi.

The JV will utilise the funds from this investment to attain financial closure, meeting working capital requirements and reducing cost of outstanding debt attributable to the development.

The company's Group CEO Gopal Sarda said, "At Life Republic, we are developing a full-amenities township focused on Hinjewadi's digital economy workforce. With our new partnership, we see this landmark project accelerating further to meet the rising aspirations of middle-income home buyers.