Kolte-Patil Developers532924Routine SEBI update

Monitoring agency report: Rs. 50.61 crore of preferential issue proceeds used in September quarter

CARE Ratings, monitoring agency for the Rs. 417.03 crore preferential issue (shares allotted 23 June 2025), has given its report for the quarter ended 30 September 2026.

By ScoutQuest · Wed 28 Oct 2026, 6:02 PM IST · 3 min read

Deviation from objects of the issue: NIL
Amount utilised during the quarter: Rs. 50.61 crore
Unutilised proceeds: Rs. 242.67 crore

What this update is

Kolte-Patil Developers has submitted the quarterly report of CARE Ratings Limited, the monitoring agency appointed for its preferential issue of equity shares. The issue was for an amount aggregating to Rs. 417.03 crore, with the shares allotted on 23 June 2025. The report covers the quarter ended 30 September 2026. A monitoring agency checks, every quarter, whether the money raised is being used for the purposes stated in the offer document.

The headline check: no deviation

Deviation from the objects of the issue: NIL.
The monitoring agency states that funds utilised during the quarter were in accordance with the disclosures in the offer document.
No major deviation was observed over the earlier monitoring agency reports.
The means of finance for the disclosed objects has not changed.

How much has been spent so far

Amount raised: Rs. 417.03 crore.
Utilised during the quarter: Rs. 50.61 crore.
Utilised up to the end of the quarter: Rs. 174.36 crore.
Still unutilised: Rs. 242.67 crore.

Object-wise progress

New real estate projects, including land parcels and related acquisition cost: original cost Rs. 265.00 crore. Spent during the quarter Rs. 17.59 crore; total spent Rs. 51.50 crore; Rs. 213.50 crore still unutilised.
General corporate purposes: original cost Rs. 104.00 crore. Spent during the quarter Rs. 33.02 crore; total spent Rs. 74.83 crore; Rs. 29.17 crore still unutilised.
Government premiums and FSI purchase cost: original cost Rs. 48.03 crore. Fully utilised — Rs. 48.03 crore spent, with nil balance.

What the quarter's spending went on

Within general corporate purposes, the quarter's Rs. 33.02 crore went to advance tax of Rs. 14.43 crore and salaries of Rs. 18.59 crore (including the NPS portion of salary).
For the real estate project object, the Rs. 17.59 crore was used towards stamp duty on development agreements executed.
The monitoring agency notes that general corporate purpose is not specifically defined in the placement document, so it relied on a management certificate for classifying these expenses.

Observation worth noting

The monitoring agency records that, in both the general corporate purpose and real estate project objects, issue proceeds were transferred from the monitoring account to various current accounts before final utilisation. Those current accounts had numerous other transactions, resulting in co-mingling of funds. No comments were received from the Board of Directors on this point.

Where the unspent money is parked

Axis Money Market Fund Direct Growth: Rs. 29.81 crore invested, market value Rs. 31.56 crore at quarter end.
Tata Money Market Fund Direct Plan Growth: Rs. 214.13 crore invested, market value Rs. 231.39 crore.
Subtotal of mutual fund investments: Rs. 242.57 crore.
Balance in two Axis Bank monitoring accounts: Rs. 0.05 crore each, subtotal Rs. 0.10 crore.
Total unutilised deployed: Rs. 242.67 crore. The stated policy is to keep pending funds only in low-risk instruments such as debt mutual funds or term deposits with scheduled commercial banks.

Timeline and the extension

The original completion date for the objects is shown as 22-12-2027. Both the general corporate purpose and real estate project objects are marked as ongoing, with no delay recorded.
The FSI/premium object is shown as completed by June 2026.
Shareholders approved an extension of the utilisation period for the unutilised proceeds of ₹312.44 crore by 12 months, from 23 December 2026 to 22 December 2027, through a special resolution at the 35th Annual General Meeting held on 27 July 2026. The objects of the issue are unchanged.

How a retail investor can read this

The report is a periodic compliance disclosure rather than a business event, and its central finding is that spending matches the stated plan with no deviation. The two things to take away are the pace of spending — about Rs. 242.67 crore of the Rs. 417.03 crore raised is yet to be deployed — and the 12-month extension already approved for that unspent amount. The monitoring agency's note on co-mingling of funds in current accounts is a process observation to be aware of.

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