Vandana Naresh Patil has acquired a significant 12.54978% stake, totaling 1,11,29,160 equity shares (approximately 1.11 crore shares), in Kolte-Patil Developers Limited through a transmission process. This substantial acquisition, completed on June 21 and June 23, 2025, was made under the exemption provided by Regulation 10(1)(g) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, thereby not requiring an open offer.
| Particulars | Details |
|---|---|
| Target Company | Kolte-Patil Developers Limited |
| Acquirer(s) | Vandana Naresh Patil |
| Transferor | Late Mr. Naresh Anirudha Patil |
| Nature of Transaction | Acquisition by way of transmission |
| Total Shares Acquired | 1,11,29,160 |
| Percentage of Diluted Share Capital | 12.54978% |
| Acquisition Dates | June 21, 2025 (100 shares), June 23, 2025 (1,11,29,060 shares) |
| Filing Date with Stock Exchange | June 25, 2025 |
| Exemption Regulation | Regulation 10(1)(g) of SEBI (SAST) Regulations, 2011 |
Action Details
The acquisition involves Vandana Naresh Patil becoming a significant shareholder in Kolte-Patil Developers Limited. The transaction, categorized as an acquisition by way of transmission, signifies the transfer of shares from the estate of Late Mr. Naresh Anirudha Patil to Vandana Naresh Patil. A total of 1,11,29,160 equity shares were acquired, representing 12.54978% of the diluted share capital of Kolte-Patil Developers Limited. This percentage has been calculated post the preferential allotment of Equity Shares by the company on June 23, 2025, ensuring the reported stake reflects the updated capital structure.
Process and Timeline
The acquisition was executed in two tranches. A smaller block of 100 shares was acquired on June 21, 2025, followed by a larger acquisition of 1,11,29,060 shares on June 23, 2025. The cumulative acquisition brought the total shares held by Vandana Naresh Patil to 1,11,29,160. The necessary disclosures regarding this acquisition were filed with the stock exchanges, including the National Stock Exchange of India Limited (NSE) and BSE Limited, on June 25, 2025, ensuring compliance with regulatory timelines. The process of transmission is a legal mechanism for transferring securities from a deceased person to their legal heir or nominee, which is the nature of this particular corporate action.
Shareholder Impact
Prior to this transaction, Vandana Naresh Patil held no shares in Kolte-Patil Developers Limited, with a pre-transaction shareholding of NIL. Following the completion of the transmission, her shareholding now stands at 1,11,29,160 shares, constituting 12.54978% of the total share capital of the target company. Conversely, the shareholding of the transferor, Late Mr. Naresh Anirudha Patil, which was 1,11,29,160 shares (12.54978%) pre-transaction, has now become NIL. This transfer consolidates a significant block of shares under a single individual, potentially impacting the ownership structure and governance dynamics of Kolte-Patil Developers Limited.
Regulatory Compliance
The acquisition falls under Regulation 10(1)(g) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. This specific regulation provides an exemption from the requirement of making an open offer to public shareholders in cases of acquisition by way of transmission. This means that despite the substantial stake acquired, Vandana Naresh Patil is not obligated to make a mandatory open offer to acquire additional shares from the public shareholders of Kolte-Patil Developers Limited. The disclosure confirms that no prior disclosure of a proposed acquisition was required under Regulation 10(5), and thus, no such disclosure was made or required within specified timelines.
