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Key figures associated with Pune-based real estate firm Kolte-Patil Developers executed a calculated divestment, selling a 3% stake in the company for a substantial Rs 111 crore through open market transactions. The promoters Rajesh Anirudha Patil, Sunita Rajesh Patil, and Sunita Milind Kolte are behind this move. Details regarding the buyers involved in this transaction remain undisclosed.
The National Stock Exchange (NSE) reported that the transaction involved the sale of over 22.80 lakh equity shares, constituting a 3% stake in the company. The shares were strategically priced between Rs 486 and Rs 486.01 apiece, culminating in a noteworthy total deal value of Rs 110.81 crore.
Following this transaction, the collective ownership of the promoter and promoter group experienced a calculated decline from the previous 74.45% to 71.45% equity stake in the realty firm. This shift, based on the September quarter-end figures, indicates a strategic realignment of stakes within the company.
In response to this strategic move, the stock of Kolte-Patil Developers witnessed a notable surge, registering a 5.08% increase to close at Rs 511 per share on the NSE. This positive momentum in the stock is indicative of investor confidence, possibly fuelled by the company's recent performance.
Delving into the company's Q2 performance, Kolte-Patil Developers reported an impressive 72% surge in sales bookings, reaching Rs 632 crore for the September quarter. This surge is attributed to a heightened demand in the housing sector. A noteworthy comparison reveals a substantial increase from the Rs 367 crore sales bookings reported in the corresponding period last year.
Operating in the real estate markets of Pune, Mumbai, and Bengaluru, Kolte-Patil Developers seems to be strategically positioning itself amidst the evolving dynamics of the realty sector. The recent stake sale, coupled with robust Q2 performance, underscores the company's adaptive approach in navigating the intricacies of the real estate landscape.
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