Blackstone Unit Set To Buy 40% Stake In Kolte Patil For Rs 1,166 crore

In what can be called a major development, global investment firm Blackstone gearing up to acquire a a little over 40% stake in Kolte Patil Developers for Rs 1,166 crore, the latter informed exchanges on Thursday.

The two part sale will be through a Blackstone entity--BREP Asia III India Holding Co--which will acquire 14.3% stake in the company for Rs 417.03 crore through a preferential allotment route.

With this, Blackstone will acquire 1.26 crore shares at Rs 329 per share. On Thursday, shares of the company closed at Rs 347.15.

Through a share purchase agreement, Blackstone will also acquire a 26% stake in the company for Rs 759 crore. BREP Asia III India Holding Co will acquire 2.3 crore shares of the company at Rs 329 per share.

With this purchase of 40% stake, BREP Asia III India Holding Co will be classified as one of the promoters of Kolte Patil and will have joint control, after the agreement is completed.

The company will hold an extra-ordinary general meeting on April 10 to seek approval from shareholders on the transaction.

As of December end, promoters held 69.45% stake in the company and these include Rajesh Anirudha Patil, Naresh Anirudha Patil, Milind Digambar Kolte, Sunita Rajesh Patil, Vandana Naresh Patil, Sunita Milind Kolte, Yashvardhan Rajesh Patil, Ankita Rajesh Patil, Harshavardhan Naresh Patil, and Priyanjali Naresh Patil.