Blackstone has launched an open offer to acquire a 26% stake in Pune-based Kolte-Patil Developers (KPDL) for Rs 758.57 crore. The open offer, led by BREP Asia III India Holding Co VII along with other Blackstone Real Estate Partners, seeks to acquire up to 2.30 crore equity shares from public shareholders at Rs 329 per share. This would represent 26% of KPDL's emerging voting capital.
As part of the deal, KPDL will allot approximately 1.27 crore equity shares (14.3%) to Blackstone Real Estate funds, raising Rs 417.03 crore. Blackstone will acquire 25.7% of KPDL’s post-issue equity share capital from existing promoters. Once the transaction is completed, Blackstone Real Estate funds will hold approximately 40% ownership in KPDL.
The partnership will enable KPDL to scale its operations and improve execution capabilities, facilitating the company's continued growth. Post the open offer, Blackstone will acquire up to a 66% stake in KPDL, with a total commitment of Rs 1,800 crore.