Kolte-Patil Developers Utilizes Rs. 64.48 Crore from Preferential Issue in Q3FY26
Kolte-Patil Developers Limited utilized Rs. 64.48 crore from its Rs. 417.03 crore preferential issue in Q3FY26, with Rs. 33.91 crore for land acquisition and Rs. 30.57 crore for government premiums. The remaining Rs. 352.55 crore is invested in debt mutual funds and bank deposits, with CARE Ratings confirming no deviations from stated objectives.
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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.
| Objective | Allocated Amount (Rs. Crore) | Utilized in Q3FY26 (Rs. Crore) | Remaining (Rs. Crore) |
|---|---|---|---|
| General Corporate Purposes | 104.00 | 0.00 | 104.00 |
| Real Estate Development & Land Acquisition | 265.00 | 33.91 | 231.09 |
| Government Premiums & FSI Purchase | 48.03 | 30.57 | 17.46 |
| Total | 417.03 | 64.48 | 352.55 |
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.
Historical Stock Returns for Kolte Patil Developers
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| +1.55% | +1.21% | -0.89% | -10.49% | +24.27% | +48.82% |
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