U.S. investment firm Blackstone has announced plans to acquire a 40% stake in Indian real estate developer Kolte-Patil Developers in a deal worth Rs 11.67 billion. As part of the transaction, Kolte-Patil will allot 14.3% preferential shares to a Blackstone entity for Rs 4.17 billion, while its controlling shareholders will sell an additional 25.7% stake to Blackstone for approximately Rs 7.5 billion. 

Under Indian market regulations, this sale will trigger an open offer, allowing Blackstone to purchase up to 26% more shares from existing shareholders. 

Blackstone, which has been operating in India for two decades, considers the country one of its key markets and is a major owner of office buildings, data centres, shopping malls, and logistics parks. Kolte-Patil, known for developing residential and commercial projects, has a presence in Mumbai, Pune, and Bengaluru. Following the announcement, Kolte-Patil’s stock closed 2.3% higher at Rs 346.65 in Mumbai. 

(Reuters)