Kolte-Patil Developers Utilises ₹64.48 Crore from ₹417.03 Crore Preferential Issue in Q3 FY26; CARE Ratings Confirms No Deviations

Regulatory Capital Deployment Tracking

Kolte-Patil Developers Limited has submitted its monitoring agency report for the preferential issue proceeds utilization during the quarter ended December 31, 2025. CARE Ratings Limited, serving as the monitoring agency, reported that the company utilized ₹64.48 crore from the total preferential issue size of ₹417.03 crore during Q3FY26.

Deployment by Category

The utilized amount comprised ₹33.91 crore for land acquisition and ₹30.57 crore for government premiums. The remaining ₹352.55 crore is invested in debt mutual funds and bank deposits, with CARE Ratings confirming no deviations from stated objectives.

The Blackstone Transaction Context

The Competition Commission of India (CCI) has approved the proposed investment by Blackstone in Kolte-Patil Developers to be carried out as a preferential allotment and secondary purchase of shares. Blackstone will end up with 40 per cent equity capital of Kolte-Patil upon its completion.

In the agreement, Kolte-Patil Developers is expected to offer 1,26,75,685 equity shares in a preferential basis to BREP Asia III India Holding Co VII. The shares with a face value of ₹10 each will be issued at a price of ₹329 per share, amounting to a total infusion of ₹417.03 crore.

Development Strategy and Capital Discipline

Managing Director Rajesh Patil highlighted FY26 as a defining year with Blackstone's onboarding as a strategic partner. He noted the steady demand across key micro-markets and emphasized the company's focus on improving efficiencies and governance.

The company has until December 23, 2026, to complete the utilization of these proceeds. The phased deployment approach—prioritizing land acquisition and regulatory compliance costs first while maintaining reserves in liquid vehicles—reflects a disciplined capital strategy typical of structured preferential issues under SEBI oversight.

About Kolte-Patil Developers

Founded nearly 3 decades ago, incorporated in 1991, Kolte-Patil Developers Ltd is a leading real estate company with dominant presence in the Pune residential market. The company has been creating landmarks for 30+ Years and has developed and constructed over 68 projects including residential complexes, IT parks, integrated townships, and commercial complexes, covering a saleable area of ~36 Mn. Sq. Ft. across Pune, Mumbai and Bengaluru.

The company markets its projects under two brands: 'Kolte-Patil' (addressing the mid-income segment) '24K' (addressing the premium luxury segment).