Blackstone Group, one of the world’s largest alternative investment firms, is set to invest ₹1,800 crore in Kolte Patil Developers, marking its first investment in India’s residential real estate segment. The investment will be made through a 14.3% stake acquisition via preferential allotment and an open offer for an additional 26% stake in the Pune-based real estate company.
Key Highlights of the Investment:
- Stake Acquisition: Blackstone, through its entity BREP Asia III India Holding Co, will subscribe to 1.26 crore equity shares of Kolte Patil Developers.
- Share Price: The shares, with a face value of ₹10, will be issued at ₹329 per share, reflecting a 2.6% discount to the current market price.
- Total Fundraising: Kolte Patil Developers will raise ₹417 crore through this preferential issue.
- Open Offer: Blackstone has also launched an open offer to acquire a 26% stake in the company from public shareholders.
Upon completion of the transaction, BREP Asia III India Holding Co will be classified as a promoter, giving Blackstone joint control of the company alongside its existing promoters.
This strategic move reinforces Blackstone’s growing focus on India’s real estate market, marking a significant step in expanding its footprint beyond commercial real estate into the residential sector.
