Kolte Patil Developers has received rating reaffirmation from CRISIL for its bank loan facilities and Listed Non-Convertible Debentures. The rating agency confirmed its assessment on March 25, 2026, maintaining the company's strong credit profile across multiple financial instruments.

Bank Facilities Rating Reaffirmation

CRISIL has reaffirmed its ratings for Kolte-Patil Developers' total bank loan facilities worth Rs.800 crore. The rating agency maintained both long-term and short-term ratings, reflecting the company's creditworthiness and financial stability.

Detailed Bank Facility Breakdown

The Rs.800 crore bank facilities are distributed across multiple banks and facility types. The largest components include overdraft facilities and proposed long-term bank loan facilities, with term loans and bank guarantees forming smaller portions of the total exposure.

Non-Convertible Debentures Rating

CRISIL has also reaffirmed its AA-/Stable rating on the company's Non-Convertible Debentures across three separate issuances. The total value of rated debentures amounts to Rs.454.35 crore, distributed across multiple tranches with varying amounts.

Rating Significance and Compliance

The AA-/Stable rating indicates high degree of safety regarding timely servicing of financial obligations, with very low credit risk. CRISIL noted that securities with this rating are considered to have strong creditworthiness and financial stability. The company has disclosed this information pursuant to Regulation 30 and 51 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The rating agency maintains continuous surveillance and review of all assigned ratings, reserving the right to withdraw or revise ratings based on new information or changing circumstances.

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 Rs. 64.48 crore from the total preferential issue size of Rs. 417.03 crore during Q3FY26.

Preferential Issue Utilization Details

The company deployed the funds across two primary objectives during the quarter. For development of new real estate projects including land acquisition, Rs. 33.91 crore was utilized for part payment of consideration for acquired land parcels, stamp duty, and TDS payments. Additionally, Rs. 30.57 crore was allocated toward payment of government premiums, floor space index (FSI), development cess, and related expenses.

Fund Routing and Compliance

The monitoring agency noted that proceeds were transferred from the monitoring agency account to the company's current account and subsequently to subsidiaries or step-down subsidiaries for utilization. While this routing through subsidiaries was not specifically detailed in the offer document, it was approved and ratified by the Board of Directors. CARE Ratings confirmed that the utilization aligns with stated objectives and does not constitute a deviation from the offer document.

Deployment of Unutilized Proceeds

The remaining Rs. 352.55 crore is deployed in low-risk instruments as per regulatory requirements. The major portion is invested in debt mutual funds including Axis Liquid Fund (Rs. 53.58 crore market value), Axis Money Market Fund (Rs. 53.64 crore), ICICI Prudential Money Market Fund (Rs. 17.67 crore), and Tata Money Market Fund (Rs. 238.50 crore). Small balances are maintained in monitoring accounts and the company's current account.

Regulatory Compliance and Timeline

The report confirms no deviations from the objects stated in the offer document and no major deviations from previous monitoring reports. All three objectives have a completion timeline of December 23, 2026, and are currently ongoing without any delays. The preferential issue was completed on June 23, 2025, with the monitoring agency agreement dated June 09, 2025.

Verification and Assurance

The utilization details were verified by statutory auditors S R B C & Co LLP through their certificate dated February 11, 2026. The monitoring agency emphasized that procedures performed provide limited assurance and the level of assurance is substantially lower than what would be obtained in a reasonable assurance engagement.