Kolte Patil Pays Rs 70 Cr As Second Tranche To ICICI Venture
New Delhi: Pune-based Kolte-Patil Developers Ltd (KPDL) has paid Rs 70 crore in second tranche to buy out ICICI Ventures Funds Management Company Ltd’s 50 percent stake in the former’s flagship township project - Life Republic. The first tranche was paid in March 219 while the third and last installment will be paid in August 2020.
The money has been paid to India Advantage Fund-III (IAF-III) and India Advantage Fund-IV (IAF-IV) managed by ICICI Venture Funds and it has been mostly arranged through internal accruals by KPDL, the company said in a regulatory filing.
After the buyout is completed, KPDL'S economic interest in the project will rise to 95 percent. The Life Republic project belongs to a special purpose vehicles called Kolte-Patil I-Ven Townships (Pune) Ltd. In May 2018, KPDL had announced buying out ICICI Venture's stake for a cash consideration of Rs 210 crore. In addition to this, 12 acres of land in the project with FSI required to achieve saleable area equivalent to 1.4 million square feet will be allocated to IAF III and IAF lV when the project obtains FSI of 1.0 from the current 0.5.
Life Republic is spread over 4oo acres of land. So far, 4.2 million square feet has already been delivered in the project and about 10,000 people are living there. Life Republic has 4 million square feet of pre-approved development space.