Kolte-Patil Developers ends with 24% premium
Kolte-Patil plans to expand to emerging cities
Pune based real estate developer, Kolte-Patil Developers, has touched an intraday high of Rs 230, a gain of 58.62% before closing the day at Rs 180.15, a premium of 24.24% over its offer price of Rs 145. Negative sentiment in markets and some litigation matter with the landowners on the company's front have pulled down the stock to Rs 176, an intraday low. It traded with volumes of 1.67,52,612 shares and the turnover was at Rs 314 crore on the NSE. The stock ended at Rs 181.45, with volumes of 1,06,11,353 shares. It has touched a high/low of Rs 223.90 and Rs 175 respectively on the BSE.
Rajesh Patil, CMD, Kolte-Patil Developers told CNBC-TV18, their total saleable area in Pune and Bangalore is 39 million sq ft. Currently, 18 million sq ft is under construction, while 21 million sq ft is under MoUs. They plan to expand to emerging cities, but their main focus is on Pune, Bangalore. Right now, they have three projects with ICICI Venture Capital and three with Yatra Capital, he said.
The company had entered capital market with an public issue of 19,000,836 equity shares of Rs 10 each for cash at a price band between Rs 125 and Rs 145 per equity share.
The objects of the issue were to finance acquisition of development rights; finance the construction and development costs for some of the proposed projects; fund expenditure for general corporate purposes and achieve the benefits of listing on the Stock Exchange.
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