Kolte-Patil Developers rose almost 7% to Rs.384.50 with volumes of around 1.5 lakh shares. Its 52-week high stands at Rs.404.60 and low at Rs.81.75.
The stock is in the limelight today on account of its announcement that global investment firm KKR has committed Rs 193 crore in Kolte-Patil I-Ven Townships (Pune) (KPIT), a joint venture of Kolte-Patil and ICICI Venture Funds Management Company.
KPIT is developing Life Republic, a 383-acre township located in Pune's IT hub, Hinjewadi. It plans to use these funds from KKR to attain financial closure at R1 sector of Life Republic, meeting working capital requirements and reducing cost of outstanding debt attributable to the development.