Meanwhile, the S&P BSE Sensex was up 27.31 points or 0.09% at 31,476.34. The S&P BSE Small-Cap index was up 111.31 points, or 0.72% at 15,520.51.

On the BSE, 13,641 shares were traded in the counter so far, compared with an average volume of 33,083 shares in the past one quarter. The stock had hit a high of Rs 169.90 and a low of Rs 164.95 so far during the day. The stock had hit a 52-week high of Rs 204 on 26 April 2017. The stock hit a 52-week low of Rs 78.75 on 27 December 2016.

The stock has jumped 14.13% in three sessions to its ruling price from a close of Rs 145.75 on 10 August 2017.

The stock had underperformed the market over the past one month till 14 August 2017, falling 4.79% compared with the Sensex's 1.79% decline. The stock had also underperformed the market over the past one quarter, declining 10.78% as against the Sensex's 4.18% rise. The scrip had, however, outperformed the market over the past one year, gaining 26.78% as against the Sensex's 11.71% rise.

The small-cap company has an equity capital of Rs 75.77 crore. Face value per share is Rs 10.

Kolte-Patil Developers said that the strategic sale has been undertaken after evaluating the overall feasibility and is in line with the company's strategy of maintaining a lean balance sheet. The company will continue to explore strategic partnerships under asset light models to enhance its overall portfolio and position the company for sustained growth.

On a consolidated basis, Kolte-Patil Developers' net profit rose 33.8% to Rs 25.38 crore on 37.1% rise in net sales to Rs 246.56 crore in Q1 June 2017 over Q1 June 2016.

Kolte-Patil Developers incorporated in 1991 is a leading real estate company with dominant presence in the Pune residential market.