NEW DELHI: Blackstone has launched an open offer to acquire up to 26 per cent stake in Pune-based Kolte-Patil Developers (KPDL) from public shareholders for Rs 758.57 crore.
BREP Asia III India Holding Co VII together with Blackstone Real Estate Partners Asia III L P and Blackstone Real Estate Partners (Offshore) X.TE-F (AIV) L P have launched an open offer for acquisition of up to 2.30 crore fully paid-up equity shares of face value of Rs 10 each from public shareholders of Kolte-Patil Developers, representing 26% of the emerging voting capital, at a price of Rs 329 per equity share aggregating to a total of Rs 758.57 crore.
KPDL will allot ~1.27 crore equity shares (14.3%) to Blackstone Real Estate funds, raising Rs 417.03 crore. Blackstone Real Estate funds will acquire 25.7% of KPDL’s post-issue equity share capital from existing promoters. Following the transaction, Blackstone Real Estate funds will hold approximately 40% ownership in KPDL.
Post the open offer, Blackstone Real Estate funds will acquire up to 66% stake in KPDL for a commitment of Rs 1,800 crore.
This collaboration will empower KPDL to scale operations and enhance execution capabilities, the company said in a media release.
