Investment powerhouse Blackstone Inc, headquartered in New York, is set to make a significant move in the Indian real estate sector by acquiring a 40% stake in Kolte-Patil Developers Limited for approximately ₹1,167.03 crore. This strategic investment is expected to activate an open offer, allowing Blackstone to buy shares from the current promoter shareholders, marking a major step in the firm’s expansion in India.
Details of the Acquisition
As outlined in a recent exchange filing, Kolte-Patil Developers will issue 14.29% preferential shares to Blackstone, valued at around ₹417.03 crore. This issuance involves approximately 1.26 crore shares. Moreover, existing shareholders will divest 25.71% of their stake for around ₹750 crore, translating to approximately 2.27 crore shares.
- Total Investment: ₹1,167.03 crore
- Stake Acquired: 40% in Kolte-Patil Developers
- Shares Issued: 1.26 crore (14.29% preferential shares) and 2.27 crore (25.71% from existing shareholders)
Blackstone’s Ownership Strategy
Blackstone’s acquisition will be conducted through its entity, BREP Asia III India Holding Co VII Pte. Ltd. Once the transaction is finalized, Blackstone will command a dominant 66% of the emerging voting capital of Kolte-Patil, totaling over 5.85 crore equity shares. Prominent promoters involved in this transaction include Rajesh Anirudha Patil, Naresh Anirudha Patil, and Milind Digambar Kolte.
Stock Performance Overview
In the latest trading session, Kolte-Patil Developers saw its shares rise by 2.53%, closing at ₹347.15, up from ₹338.60 in the previous session. Notably, an open offer announcement followed the market closure on Thursday.
The Indian stock market observed a holiday on March 14, 2025, in celebration of Holi. Over the year, Kolte-Patil shares have delivered an impressive 82.9% return to investors, despite experiencing a decline of over 23% due to market fluctuations. However, in the last month, the stock has rebounded with a 26.56% increase, showcasing resilience with a 22.60% rise in the past five trading days.
- 52-Week High: ₹574 (April 10, 2024)
- 52-Week Low: ₹235.10 (March 4, 2025)
Company Background
Founded over three decades ago, Kolte-Patil Developers has established a strong presence in real estate, having developed more than 64 projects across major Indian cities like Pune, Mumbai, and Bengaluru. These projects span residential and commercial spaces, as well as IT parks, contributing to the firm’s reputation in the industry.
The collaboration between Blackstone and Kolte-Patil Developers is poised to reshape the landscape of Indian real estate, offering exciting opportunities for growth and development. As the market evolves, this partnership will be closely watched by investors and industry experts alike.
