Blackstone To Acquire 40% Stake In Kolte-Patil Developers For Rs 1,150 Crore
Deal includes stake purchase from promoters and preferential issue; open offer for 26% to follow.
Global investment firm Blackstone will acquire a 40% stake in Pune-based realty firm Kolte-Patil Developers Ltd for Rs 1,150 crore.
The investment firm will acquire a 14.3% stake for Rs 417 crore through a preferential issue of equity shares and another 25.7% stake from the promoters group for Rs 750 crore, according to an exchange filing.
Blackstone will launch an open offer to acquire an additional up to 26% stake in the Kolte-Patil Developers Ltd.
In a regulatory filing on Thursday, Kolte-Patil Developers Ltd informed that the board has approved issuance by way of a preferential allotment on a private placement basis an aggregate of 1,26,75,685 equity shares of the company at Rs 329 per share, aggregating to Rs 417.03 crore to BREP Asia III India Holding Co VII Pte. Ltd.
That apart, Blackstone affiliated firm will acquire another 25.7% from the promoters group. Blackstone will purchase 2,27,96,353 equity shares (being 25.7%) from the sellers at Rs 329 apiece.
Shares of Kolte-Patil Developers closed at Rs 347.15 on BSE on Thursday.
The global investment firm will acquire joint control along with the promoters over the company. At present, promoters hold a 69.45% stake in the company.
On Wednesday, Blackstone said it aims to double its exposure in India to $100 billion.
The firm, which has been present in the country for the last two decades, has a $50 billion exposure to India, which includes its ongoing investments and the bets from which it has exited.
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Recently, Sattva Group and Blackstone sponsored Knowledge Realty Trust filed the Draft Red Herring Prospectus with SEBI to launch its REIT public issue for raising up to Rs 6,200 crore.
The company will issue units through an initial public offer and list the REIT on stock exchanges as part of its strategy to monetise prime office assets across six major cities.
The Trust said it will also be the second largest office REIT in Asia and one of the largest office REITs globally in terms of leasable area.
The KRT portfolio comprises 30 Grade A office assets totaling 48.1 million square feet as of September 30, 2024, with 37.1 million square feet of completed area, 2.8 million square feet of under construction area and 8.2 million square feet of future development area.
Bengaluru-based Sattva Group has 45% shareholding in the KRT while global investment firm Blackstone has 55% stake.
For Blackstone India Real Estate business, this will be the fifth public listing, including three listed REITs and one of Ventive Hospitality.
Blackstone has significant exposure in the Indian real estate sector, mainly in office space, shopping malls and warehouse assets.
