Kolte-Patil Developers has announced a strategic agreement with global investment firm Blackstone, marking a significant shift in its business direction. Under this deal, Blackstone will acquire up to 66% ownership in the Pune-based real estate company, with an investment commitment of ₹1,800 crore.
As part of the transaction, Kolte-Patil Developers will issue approximately 1.27 crore new equity shares to Blackstone’s real estate funds, amounting to 14.3% of the post-issue shareholding and raising ₹417 crore in fresh capital.
In addition, Blackstone will purchase 25.7% of the company’s post-issue equity capital from existing promoters. This acquisition will result in Blackstone holding nearly 40% ownership in Kolte-Patil Developers immediately after the share issuance.
Furthermore, Blackstone plans to acquire up to an additional 26% stake through an open offer to public shareholders. If completed, this would bring Blackstone’s total holding to 66%, making it the majority stakeholder in the company.
The deal positions Kolte-Patil Developers to strengthen its financial position and leverage Blackstone’s global network as it looks to expand operations in the Indian real estate market in the coming year.
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By Proptechbuzz
By Ravi Kumar
