Kolte-Patil Developers jumps as board to mull fund raising on Feb 27

Kolte-Patil Developers surged 6.23% to Rs 286.40 after the realtor announced that its board will meet on Monday, 27 February 2023 to consider the proposal to raise funds by way of issuance of debt securities on private placement basis.

The company said that the proposal to raise funds is including but not limited to secured, unlisted, redeemable, non-convertible debentures within the borrowing limits of the company as approved by the shareholders of the company.

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.

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