Blackstone has obtained approval from the Competition Commission of India (CCI) for its intended investment in Kolte-Patil Developers, which will be executed through a combination of preferential allotment and secondary share acquisition.
In March 2025, the company announced a proposed equity infusion via preferential allotment and secondary share acquisition by BREP Asia III India Holding Co VII, a subsidiary of Blackstone. This transaction features a dual investment structure, with a total valuation of approximately ₹1,167 crore.
As part of the agreement, Kolte-Patil Developers will issue 1,26,75,685 equity shares on a preferential basis to BREP Asia III India Holding Co VII. The shares, each with a face value of ₹10, are priced at ₹329 per share, resulting in a total capital infusion of ₹417.03 crore. This capital infusion will be carried out through a share subscription agreement (SSA) established between the company and Blackstone.
In addition to the preferential issue, Blackstone will also acquire around 25.7% of Kolte-Patil’s equity capital post-issue through a secondary market purchase from the current promoters at the same share price, totaling ₹750 crore in value. Upon completion, Blackstone will possess 40% of Kolte-Patil’s equity capital, excluding the open offer. If its open offer for an additional 26% stake from public shareholders is fully accepted, its holding could increase to 66%.
The transaction also encompasses a SSA and a shareholders’ agreement (SHA) executed between Blackstone, Kolte-Patil, and certain members of the promoter group. Following the transaction, Blackstone will be reclassified as a promoter, sharing joint control of the company with the existing promoters, in accordance with SEBI’s Listing Obligations and Disclosure Requirements (LODR) Regulations. After the transaction, the promoter group’s shareholding will decrease from 59.52% to 33.81%, with notable stake dilution by Rajesh Anirudha Patil, Naresh Anirudha Patil, and Milind Digambar Kolte, among others.
