Kolte-Patil perks up

Kolte-Patil Developers announced yesterday after market hours that it has acquired Pune based Sampada Realities for Rs.120 crore. Through this, the company has acquired residential development potential of 2.5 Million Sq.ft. at Kiwale in Pune.

The transaction entails the acquisition of 85% Equity Shares in Sampada Realities on an immediate basis with the balance 15% stake to be acquired in due course.

Sampada Realities comprises of only one residential real estate project on 25 acres of land parcel at Kiwale in Pune to be developed in a phased manner.

The company has said that this brings on a revenue opportunity of over Rs.1,400 crore.

The market is happy with this news and the stock price rose to an intraday high at Rs.280.70, up 2%. Its 52-week high is at Rs.360 and low at Rs.214.05.