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

New Delhi, Dec 29 (PTI) Three promoters of realty firm Kolte-Patil Developers on Friday pared a 3 per cent stake in the company for Rs 111 crore through open market transactions.

Rajesh Anirudha Patil, Sunita Rajesh Patil and Sunita Milind Kolte were the promoter and promoter group of Pune-headquartered Kolte-Patil Developers.

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 per cent 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.

After the transaction, the combined shareholding of promoter and promoter group has declined to 71.45 per cent from 74.45 per cent equity stake (at the end of September quarter) in the realty firm.

Details of buyers could not be ascertained.

The scrip of Kolte-Patil Developers jumped 5.08 per cent to close at Rs 511 per piece on the NSE.

In October, Kolte-Patil Developers reported a 72 per cent 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.