Kolte-Patil Developers Ltd. entered into an agreement on Thursday to sell its entire 17% equity stake in associate company Kolte-Patil Planet Kiwale Project Pvt.
Under the share purchase agreement, Kolte-Patil Planet Real Estate Pvt. will purchase the 17% stake from the company in Kolte-Patil Planet Kiwale Project, according to an exchange filing.
It is a related-party transaction as the buyer is an associate company of one of the wholly owned subsidiaries of the company, Kolte-Patil Developers said.
An amount of Rs 3.79 crore is the consideration from the sale. The transaction was executed at the price arrived as per the valuation report obtained from an independent valuer. The sale is expected to be completed on Friday, the real estate developer added.
Kolte-Patil Developers Q2 Results
Kolte-Patil Developers recorded its highest-ever quarterly sales value for the period ended September. The sales value increased 22% to Rs 770 crore, compared to Rs 632 crore in the same quarter last year.
The 24K segment contributed 30% to the sales value in the September quarter. For the first half of the current fiscal, the total sales value was Rs 1,481 crore, up from Rs 1,333 crore in the same period last year. Total collections grew 16% to Rs 550 crore.
The share price of Kolte-Patil Developers closed 0.60% lower at Rs 390.50 apiece on the National Stock Exchange, compared to a 0.98% rise in the benchmark Nifty. The stock has fallen 20.08% on a year-to-date basis.
Six analysts tracking the company have a 'buy' rating on the stock, according to Bloomberg data. The average of 12-month analysts' price targets implies a potential upside of 43.8%.
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