Blackstone To Pick 40% Stake In Kolte-Patil Developers For Rs 1,150cr

New Delhi: Global investment firm Blackstone will acquire a 40 per cent stake in Pune-based realty firm Kolte-Patil Developers Ltd for Rs 1,150 crore.

The investment firm will acquire a 14.3 per cent stake for Rs 417 crore through a preferential issue of equity shares and another 25.7 per cent stake from the promoters group for Rs 750 crore, according to an exchange filing. Blackstone will launch an open offer to acquire an additional up to 26 per cent stake in the Kolte-Patil Developers Ltd.

In a regulatory filing on Thursday, Kolte-Patil Developers Ltd informed that the board has approved issuance by way of a preferential allotment on a private placement basis an aggregate of 1,26,75,685 equity shares of the company at Rs 329 per share, aggregating to Rs 417.03 crore to BREP Asia III India Holding Co VII Pte Ltd.