Kolte-Patil Developers rose 4.38% to Rs 375 at 10:04 IST on BSE after the company said its Pune township signed Rs 193 crore agreement with global investment firm KKR.
The announcement was made after market hours yesterday, 27 December 2017.Meanwhile, the S&P BSE Sensex was almost flat at 33,911.11.
On the BSE, 1.28 lakh shares were traded in the counter so far, compared with average daily volumes of 67,000 shares in the past two weeks. The stock had hit a high of Rs 384.50 and a low of Rs 371.10 so far during the day. The stock hit a record high of Rs 404.60 on 29 November 2017. The stock hit a 52-week low of Rs 81.75 on 29 December 2016.
Kolte-Patil Developers announced that global investment firm KKR has committed Rs 193 crore in Kolte-PatiI I-Ven Townships (Pune), a joint venture of Kolte-Patil and ICICI Venture Funds Management Company. Kolte-PatiI I-Ven Townships is developing Life Republic, a 383-acre township located in Pune's IT hub, Hinjewadi.
KPIT will utilise the funds from this investment to attain financial closure at R1 sector of Life Republic, meeting working capital requirements and reducing cost of outstanding debt attributable to the development.
On a consolidated basis, net profit of Kolte Patil Developers rose 48.89% to Rs 30.12 crore on 72.13% rise in net sales to Rs 388.97 crore in Q2 September 2017 over Q2 September 2016.
Kolte-Patil Developers is a leading real estate company with dominant presence in the Pune residential market.
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