Kolte-Patil Developers board OKs NCD issue of upto Rs 140 cr

The real estate developer announced that its board approved issue of non- convertible debentures (NCDs) aggregating upto Rs 140 crore, on a private placement basis.

The company will issue 14,000 secured, unlisted, redeemable, non- convertible debentures of face value Rs 1 lakh each.

Further, the company's board has approved issue related documents and formed a debenture allotment committee and delegated necessary powers to the said committee.

The Kolte-Patil Developers group is one of the largest residential real estate developers in Pune. The company has a healthy project portfolio of affordable and mid-income, and luxury residential segments through its brands, Kolte-Patil and 24K, respectively, and is expanding its presence in Bengaluru and Mumbai. The group has developed around 23 million square feet of projects, and currently has 25 ongoing projects comprising around 13 million square feet.

The company reported a consolidated net loss of Rs 28.10 crore in Q3 FY23 as against a net profit of Rs 7.11 crore in Q3 FY22. Revenue from operations increased 53% YoY to Rs 368.08 crore in Q3 FY23.

The scrip rose 0.09% to currently trade at Rs 272.65 on the BSE.

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