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The debenture allotment committee of the board of directors of the company approved the allotment of these debentures at their meeting held on Monday, 10 April 2023.
The debentures are of a face value of Rs 1 lakh each, and will aggregate to a total of Rs 140 crore. The funds raised from this issuance will be utilized towards acquisition of land and for general corporate purposes of the company.
The tenure of the debentures will be 120 months, unless redeemed earlier. The coupon/interest offered on the debentures is a coupon of 0.001% per annum compounded annually on the principal amount of each debenture.
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 declined 2.66% to Rs 263.75 on the BSE.
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