Pune-based real estate developer, Kolte-Patil Developers said that it has completed the buy-out of 100 per cent stake in its SPV, Corolla Realty, from 37 per cent held earlier, for a total consideration of Rs 164 crore.
The acquisition is part of the company's core strategy of remaining relevant to home buyers by maintaining a significant part of inventory in the under Rs 1 crore ticket size, deploying capital where there is strong cash flow visibility, the company said in a filing to the Bombay Stock Exchange.
Commenting on the development, Kolte-Patil Developers Ltd, CEO, Sujay Kalele, said, "We are happy to close this transaction and be eligible to receive 100 per cent of the revenues and profits from the project."
Corolla Realty is the holding entity for Ivy Estate, an 80-acre real estate development located at Wagholi in Pune.
The total saleable area of the project is 5.3 million square feet of which 2.5 million square feet has been sold at the end of Q1 FY16, including hand over of 1,600 units (1.8 million square feet) in Phase I of the project.
Meanwhile, shares of the company were trading at Rs 181.25 apiece, up 0.17 from the previous close at 14:53 hours on BSE.