Kolte-Patil Developers Limited settles issue with housing society of Jai Vijay project

Kolte-Patil Developers Limited has announced settlement with housing society of Jai Vijay project. As announced previously, the bank guarantee of Rs. 36 crore pertaining to company's Jai Vijay residential project in Vile Parle, Mumbai had been invoked by the housing society. Following discussions, the matter has reached an amicable conclusion and a settlement deed has been signed with the housing society. As part of the mutual settlement, an amount of Rs. 8.86 crore out of the guarantee value of Rs. 36 crore shall be retained by the housing society as compensation. Whereas, the balance portion of the guarantee value will be routed back to the Company. The Company has already received ~ Rs. 20 crore and the remainder is expected to be received in a few days.

All apartments in the Jai Vijay project have already been handed over to society members after obtaining the occupation certificate.

Shares of KOLTE-PATIL DEVELOPERS LTD. was last trading in BSE at Rs.163.8 as compared to the previous close of Rs. 166.9. The total number of shares traded during the day was 6350 in over 240 trades.

The stock hit an intraday high of Rs. 165.9 and intraday low of 158.6. The net turnover during the day was Rs. 1039559.

Source : Equity Bulls

Keywords