Page 215 - Kolte Patil AR 2019-20

March 31, 2020
95%
51%
100%
100%
100%
100%
100%
100%
100%
75%
60%
50%
100%
99%
55%
75%
95%
100%
100%
50%
Notes forming part of the Consolidated Financial Statements
33. ENTITY CONSIDERED FOR CONSOLIDATION
Name of the entity
Kolte-Patil I-Ven Townships (Pune) Limited (Refer note i)
Tuscan Real Estate Private Limited
Bellflower Properties Private Limited (Refer note ii)
Kolte-Patil Real Estate Private Limited (Refer note iii)
Regenesis Facility Management Company Private Limited
Snowflower Properties Private Limited
Kolte-Patil Redevelopment Private Limited (formerly known as PNP Retail Private Limited)
PNP Agrotech Private Limited
Sylvan Acres Realty Private Limited
Ankit Enterprises
Kolte-Patil Homes
KP-Rachana Real Estate LLP
Bouvardia Developers LLP
Carnation Landmarks LLP (Refer note iv)
KP-SK Project Management LLP
Regenesis Project Management LLP
Bluebell Township Facility Management LLP
Anisha Lifespaces Private Limited
Kolte-Patil Global Private Limited
Jasmine Real Estate Private Limited (Refer note v)
Place of Business
India
India
India
India
India
India
India
India
India
India
India
India
India
India
India
India
India
India
England
India
Extent of Holding as at
March 31, 2019
45%
51%
100%
100%
100%
100%
100%
100%
100%
75%
60%
50%
100%
50%
55%
75%
45%
100%
100%
0%
i. During the year ended March 31,2020, 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 ` 8,967.52 Lakhs and ` 5,978.35 Lakhs respectively, aggregating ` 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 ` 7,000 Lakhs in December 2019 and next tranche is payable in August 2020 for the remaining amount.
ii. During the quarter ended March 31, 2020, the Company has completed the merger of Bellflower Properties Private Limited (wholly owned subsidiary of the Company) under section 230 to section 232 of the Companies Act, 2013 with appointed date being April 1, 2017. The Company has accounted the merger as a common control transaction as required under Ind AS 103, ‘Business Combinations’ and given the effect from April 1, 2018 (earliest date presented). Accordingly, the comparative information has been restated with the relevant carrying amounts of Bellflower Properties Private Limited as adjusted for inter-company eliminations and considered in Company’s standalone financial statements.
iii. During the quarter ended June 30, 2018, Kolte-Patil Developers Limited announced that it would provide an exit to joint venturer who is holding 49% equity stake in one of its subsidiary Kolte-Patil Real Estate Private Limited (“KPRE”) for a total consideration of ` 5,750 Lakhs subject to mutually agreed terms and conditions. During the quarter ended December 31, 2018, order from National Company Law
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