Blackstone has received approval from the Competition Commission of India (CCI) for its proposed investment in Kolte-Patil Developers through a combination of preferential allotment and secondary share purchase.
Post completion, Blackstone will hold 40% of Kolte-Patil’s equity capital, excluding the open offer. Subject to full acceptance of its open offer for an additional 26% stake from public shareholders, its holding may rise to 66%. While, the promoter group’s shareholding will decline from 59.52% to 33.81%, with significant stake dilution by Rajesh Anirudha Patil, Naresh Anirudha Patil, and Milind Digambar Kolte, among others.
The transaction also includes a SSA and a shareholders’ agreement (SHA) signed between Blackstone, Kolte-Patil, and select promoter group members. Following the deal, Blackstone will be reclassified as a promoter, sharing joint control of the company with the existing promoters, as per SEBI’s Listing Obligations and Disclosure Requirements (LODR) Regulations.
As part of the deal, 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, having a face value of Rs10 each, are priced at Rs329 per share, translating to a total infusion of Rs417.03 crore.
The capital infusion will be executed through a share subscription agreement (SSA) signed between the company and Blackstone. In addition to the preferential issue, Blackstone will also acquire approximately 25.7% of Kolte-Patil’s post-issue equity capital through a secondary market purchase from the existing promoters at the same share price, aggregating Rs750 crore in value.
In March 2025, the company had announced about a proposed equity infusion via preferential allotment and secondary share acquisition by BREP Asia III India Holding Co VII, an affiliate of Blackstone. The transaction involves a two-pronged investment structure, cumulatively valued at approximately Rs1,167 crore.
