Kolte Patil Developers rises on entering into second agreement with Marubeni Corporation
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Kolte-Patil Developers is currently trading at Rs. 494.00, up by 5.90 points or 1.21% from its previous closing of Rs. 488.10 on the BSE.
The scrip opened at Rs. 488.75 and has touched a high and low of Rs. 498.00 and Rs. 488.75 respectively. So far 779 shares were traded on the counter.
The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 528.25 on 06-Nov-2023 and a 52 week low of Rs. 231.00 on 28-Mar-2023.
Last one week high and low of the scrip stood at Rs. 528.25 and Rs. 469.25 respectively. The current market cap of the company is Rs. 3709.78 crore.
The promoters holding in the company stood at 74.45%, while Institutions and Non-Institutions held 6.60% and 18.96% respectively.
Kolte Patil Developers (KPDL) has entered into an agreement with Marubeni Corporation, Japan, for its Alora project (residential) located in Kalina, Santacruz, Mumbai. As a part of this agreement, Marubeni Corporation will invest Rs 110.90 crore in the Alora project, entitling them to a total saleable area of 59,949 square feet in the project. The Alora project, was launched in February 2023, and has a total development potential of around 1.3 lakh sq. ft.
This agreement marks the second collaboration between KPDL and Marubeni Corporation, following a previous agreement for the residential project in Pimple-Nilakh micro market in Pune last year. The investment by Marubeni represents upfront commitment that will provide enhanced liquidity to expedite the business development goals and is in line with KPDL’s ongoing philosophy of creating capital-light structures with strong partners.
Kolte Patil Developers is a leading real estate company.
