The company made the announcement during trading hours today, 19 February 2013.

Meanwhile the BSE Sensex was down 9.94 points or 0.05% at 19,491.14.

On BSE, 4.49 lakh shares were traded in the counter as against average daily volume of 2.77 lakh shares in past two weeks.

The stock hit a high of Rs 110.65 and a low of Rs 102.10 so far during the day.

Kolte-Patil Developers (KPDL) today, 19 February 2013 announced the acquisition of 49% stake in its subsidiaries namely Oakwoods Hospitality and Jasmine Hospitality, those having a project at Pune and Bangalore respectively, for total consideration of Rs 65.62 crore. Formerly these subsidiaries were formed by KPDL with a 51% stake ownership, and Epsilon Investments, a Foreign Investor, had a 49% stake in both the subsidiaries. The completion of this transaction results in both subsidiary companies becoming wholly owned subsidiaries of KPDL.

Commenting on the acquisition, Mr. Sujay Kalele, Group CEO, Kolte-Patil Developers said, "KPDL is rapidly growing, while developing its various brands that appeal to every financial bracket. We believe that both the wholly owned subsidiaries have huge potential and will add value to KPDL's plans in the residential category. The qualities of the land parcels fit in with our upcoming plans for KPDLs 24K brand, and this acquisition signifies our positive expectations for the brand".

KPDL said the acquisition of Oakwoods Hospitality and Jasmine Hospitality ties in with KPDL's larger plans for upcoming real estate projects. While the Pune property consists of 0.45 million sq. ft of saleable area, the Bangalore property comprises of 0.58 million sq. ft. of saleable area. Given the significance of these companies, KPDL plans to develop a high end residential project on these two land parcels under its brand ‘24K', the company said in a statement.

KPDL's consolidated net profit galloped 385.2% to Rs 30.52 crore on 223% growth in net sales to Rs 222.79 crore in Q3 December 2012 over Q3 December 2011.

KPDL, headquartered at Pune in India is a real estate developer involved in residential, commercial, IT & integrated township projects.