US investment firm Blackstone will purchase a 40 per cent stake in Indian real estate developer Kolte-Patil Developers in a deal worth 11.67 billion rupees ($134 million).
Kolte-Patil will allot a Blackstone entity 14.3 per cent preferential shares in a deal worth 4.17 billion rupees, while its controlling shareholders will sell another 25.7 per cent to the US 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 per cent of 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 and commercial complexes and has a presence in Mumbai, Pune, and Bengaluru. Its shares closed 2.3 per cent higher at 346.65 rupees in Mumbai after the news.
