Kolte-Patil Developers Limited (BSE:532924) agreed to acquire 49% stake in Tuscan Real Estate Pvt. Ltd. for approximately INR 120 million on December 21, 2020. The consideration includes a payment of INR 115 million in terms of cash. As per the transaction, Kolte-Patil Developers Limited will acquire 49000 shares of Tuscan Real Estate Pvt. Ltd. which contributes to 49% stake. Pre-acquisition, Kolte-Patil Developers Limited holds 51% stake in Tuscan Real Estate Pvt. Ltd. and Post acquisition, Tuscan Real Estate Pvt. Ltd. will become a wholly owned subsidiary to Kolte-Patil Developers Limited. For the year ending March 31, 2020, Tuscan Real Estate Pvt. Ltd. reported revenues of INR 39 million. The transaction has been approved by the Board of Kolte-Patil Developers Limited. As of November 28, 2022, the board of directors of Tuscan Real Estate Pvt. Ltd approved the transaction.

Kolte-Patil Developers Limited (BSE:532924) completed the acquisition of 49% stake in Tuscan Real Estate Pvt. Ltd. for approximately INR 120 million on February 6, 2023.