Blackstone acquires 14.3% stake in Kolte Patil Developers, announces open offer

In a major real estate investment, global private equity giant Blackstone is set to acquire a 14.3% stake in Kolte Patil Developers through a preferential allotment. The transaction, carried out via its entity BREP Asia III India Holding Co, is valued at ₹417.03 crore.

As part of the deal, BREP Asia III India Holding Co will subscribe to 1.26 lakh equity shares of Kolte Patil Developers at ₹329 per share. Additionally, Blackstone has launched an open offer to acquire a further 26% stake in the Pune-based real estate company.

Upon completion of the preferential allotment and the acquisition of shares from existing stakeholders, BREP Asia III India Holding Co will be classified as a promoter of Kolte Patil Developers. This will give Blackstone joint control of the company alongside its existing promoters, further strengthening its foothold in the Indian real estate market.