Blackstone to acquire majority stake in Kolte-Patil for over ₹1100 crore
Blackstone will be acquiring a majority stake in Kolte-Patil Developers for over ₹1100 crore, with an initial purchase of 14.3 per cent stake through a preferential allotment, taking 25.7 per cent from the promoter family followed by an open offer for an additional 26 per cent.
In a statement the Pune-based real estate developer said it had approved a preferential issue of ₹1.27 crore shares to a Blackstone entity, BREP Asia III India Holding Co VII Pte, at ₹329 each for a total amount of ₹417 crore.
A share purchase agreement has also been signed to acquire 25.7 per cent stake from the promoter family.
Post the transaction, Blackstone will be the promoter of the company.
Shares of Kolte-Patil ended 1.58 per cent higher at ₹344.10 on the NSE today.
