The board of directors of Kolte Patil Developers in a BSE filing informed that they have approved the merger of Tuscan Real Estate, a wholly owned subsidiary, into the company.
The board also approved demerger of the retail business of its wholly owned subsidiary Kolte-Patil Properties (formerly known as Kolte-Patil Redevelopment) and merge the retail business into the company.
The scheme is conditional upon and subject to necessary statutory and regulatory approvals and approval of the members and creditors, it said in the regulatory filing.
As on September 30, 2022, the turnover of Tuscan Real Estate was Rs. 3.39 crore while Kolte-Patil Properties’ turnover stood at Rs. 1.65 crore.
The company in the regulatory filing said the rationale behind the demerger is that the restructuring will lead to consolidation of the business operations and lead to synergies in operations.
In a separate filing, the company informed the resignation of Gopal Laddha as chief financial officer (CFO) with effect from November 28, 2022 due to personal reasons.
It appointed Khiroda Chandra Jena as the new CFO with effect from November 29, 2022. Jena has over 22 years of experience and prior to joining the company was working with Tata Housing Development Company. He has also worked with Welspun Energy, Reliance Communications, Hewlett Packard and and Aithent Technologies.