Hi Ankit,
This can not be done in a running environment. You will need downtime for this activity. The internal structure of the firewall changes and this needs a good amount of planning not only in terms of ASA but also the connected devices. FYI, ASA needs a reload once you enable multiple mode:
http://www.cisco.com/c/en/us/td/docs/security/asa/asa72/configuration/guide/conf_gd/contexts.html
HTH
-
AJ