Kolte-Patil Developers Promoters Sell 3% Stake for Rs 111 Crore

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Three promoters of Pune-based realty firm Kolte-Patil Developers have sold a 3% stake in the company for Rs 111 crore through open market transactions. The promoters who sold their shares are Rajesh Anirudha Patil, Sunita Rajesh Patil, and Sunita Milind Kolte.

Details of the Transaction

As per the bulk deal data available with the National Stock Exchange (NSE), Rajesh Anirudha Patil, Sunita Rajesh Patil, and Sunita Milind Kolte offloaded more than 22.80 lakh equity shares, amounting to a 3% stake in the company. The shares were disposed of in the price range of Rs 486-486.01 apiece, taking the deal value to Rs 110.81 crore.

Impact on Shareholding

After the transaction, the combined shareholding of the promoter and promoter group has declined to 71.45% from 74.45% equity stake at the end of the September quarter in the realty firm. The details of the buyers could not be ascertained.

Stock Performance

The scrip of Kolte-Patil Developers jumped 5.08% to close at Rs 511 per piece on the NSE on the day of the transaction. This indicates that the market reacted positively to the news of the stake sale.

Recent Business Performance

In October, Kolte-Patil Developers reported a 72% increase in sales bookings to Rs 632 crore for the September quarter on better housing demand. Its sales bookings stood at Rs 367 crore in the year-ago period. Kolte-Patil Developers Ltd has a presence in Pune, Mumbai, and Bengaluru property markets.

The sale of a 3% stake by the promoters of Kolte-Patil Developers is a significant development that could impact the company's ownership structure and future plans. While the reasons for the stake sale are not known, the positive market reaction suggests that investors may view it as a positive move for the company.