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economictimes.indiatimes.com / 1 year ago
economictimes.indiatimes.com / 1 year ago
Blackstone to buy 40% in Kolte-Patil Developers for Rs 1,167 cr, triggers open offer
Blackstone is set to acquire a 40% equity stake in realtor Kolte-Patil Developers in a deal valued at over Rs 1,167 crore including the company’s preferential allotment of shares and stake sale by controlling shareholders.
The board of directors of Kolte-Patil has approved a preferential allotment of shares to Blackstone entity BREP Asia III India Holding Co VII, raising approximately Rs 417 crore from the global investment firm.
Under the preferential issue, Kolte-Patil will allot over 1.26 crore equity shares at Rs 329 per share to BREP Asia III, giving the investor a 14.3% stake in the company post-issuance, the Pune-based developer said in a regulatory filing.
Additionally, BREP Asia III will acquire a 25.7% stake from existing promoters for nearly Rs 749 crore, increasing its total shareholding to 40% with Rs 1,167 crore. The deal is subject to regulatory approvals, including clearance from the Competition Commission of India (CCI) and stock exchanges.
BREP Asia III is expected to gain joint control of Kolte-Patil alongside the promoter group, significantly influencing the company's strategic direction.
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The investment triggers an open offer requirement under SEBI’s Substantial Acquisition of Shares and Takeovers Regulations, 2011. BREP Asia III will make an open offer to acquire an additional 26% of Kolte-Patil’s equity from public shareholders, further consolidating its position in the company.
Following this transaction, BREP Asia III, along with its affiliates Blackstone Real Estate
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