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Blackstone to buy 40% stake in India's Kolte-Patil Developers for $134 million
Kolte-Patil will allot a Blackstone entity 14.3 percent preferential shares in a deal worth 4.17 billion rupees, while its controlling shareholders will sell another 25.7 percent to the U.S. firm for about 7.5 billion rupees.
Signage is seen outside The Blackstone Group headquarters in Manhattan, New York, U.S., November 12, 2021. REUTERS/Andrew Kelly/File Photo / Reuters
U.S. investment firm Blackstone will purchase a 40 percent stake in Indian real estate developer Kolte-Patil Developers in a deal worth 11.67 billion rupees ($134 million), the latter said on Mar.13.
Kolte-Patil will allot a Blackstone entity 14.3 percent preferential shares in a deal worth 4.17 billion rupees, while its controlling shareholders will sell another 25.7 percent to the U.S. firm for about 7.5 billion rupees.
According to Indian market regulations, the sale will trigger a so-called open offer for Blackstone to buy up to 26 percent shares from existing shareholders.
Blackstone, which entered India 20 years ago, counts India among its biggest markets, and is also one of the country's largest owners of office buildings, data centres, shopping malls and logistics parks.
Kolte-Patil builds residential as well as commercial complexes and has a presence in the cities of Mumbai, Pune and Bengaluru. Its shares closed 2.3 percent higher at 346.65 rupees in Mumbai after the news.
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