Page 174 - Kolte Patil AR 2019-20

Notes forming part of the standalone financial statements
(b) Lease Liabilities
The weighted average incremental borrowing rate applied to lease liabilities as at April 1, 2019 is 12%. Lease Liabilities payable within one year is H587 Lakhs and payable after one year and less than 5 years is H 1,325 Lakhs.
NOTE 48 - The Company has entered into Security Sales Agreement (SSA) dated May 28, 2019 (including addendum to SSA dated March 28, 2020), with ICICI Ventures Funds Management Company Limited (Acting as Fund Managers of India Advantage Fund III and IV) and Kolte- Patil I-Ven Townships (Pune) Limited [“KPIT”]. As per SSA, the Company has purchased 30 Lakhs equity shares held by India Advantage Fund III and 20 Lakhs Equity shares held by India Advantage Fund IV at a consideration of H8,968 Lakhs and H5,978 Lakhs respectively, aggregating to ` 14,946 Lakhs. As a result, shareholding of the Company in KPIT has increased from 45% to 95%. Further the Company has paid its first tranche amounting to H7,000 Lakhs in December 2019 and next tranche is payable in August 2020 for the remaining amount. Pursuant to Pledge Agreement dated May 6, 2020, 5,000,000 Equity shares have been pledged in favour of IDBI Trusteeship Services Limited, Trustees of India Advantage Fund III & India Advantage IV for securing the sale consideration as defined in SSA.
NOTE 49 - Amount less than Re. 0.5 Lakh has been rounded off and shown as H0 Lakhs. For and on behalf of the Board of Directors
Place : Pune
Date : June 23, 2020
Rajesh Patil
Chairman & Managing Director
(DIN:00381866)
Gopal Sarda
Chief Executive Officer
Atul Bohra
Chief Financial Officer
Milind Kolte
Executive Director
(DIN:00170760)
Vinod Patil
Company Secretary
172 | Kolte-Patil Developers Limited