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The company will issue senior, secured, listed, rated, redeemable non convertible debentures with face value of Rs 1 lakh each on private placement basis. The tenure of the debentures shall be a period of 10 years.
The funds raised from the issuance of debentures will be utilized towards the general corporate purposes of the company.
The said debentures will be listed on BSE.
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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