Blackstone to increase stake in THIS small-cap realty firm for ₹1,166 crore, sale triggers open offer

New York-based investment giant Blackstone Inc will acquire a 40 per cent stakeholding in Kolte-Patil Developers Limited, an Indian real estate firm, for ₹1,167.03 crore, according to an exchange filing. This transaction will trigger an open offer for Blackstone to purchase the shares from the existing promoter shareholders. 

According to the BSE filing, the realty firm will allocate 14.29 per cent preferential shares to the investment giant, a deal worth ₹417.03 crore for the issuance of 1,26,75,685 or 1.26 crore shares. 

The other existing shareholders of Kolte-Patil Developers will also sell a 25.71 per cent stake in the firm to the US-based investment firm in exchange for ₹750 crore, a deal involving 2,27,96,353 or 2.27 crore shares, as per the BSE data. In total, the deal amounts to ₹1,167.03 crore for a 40 per cent stake in the company.

Blackstone is purchasing the stake through one of its entities, BREP Asia III India Holding Co VII Pte. Ltd. After the deal is through, the US-based investment major will own and control 66 per cent of the firm's emerging voting capital, marking up to 5,85,28,863 or more than 5.85 crore equity shares. 

According to the filing, Rajesh Anirudha Patil, Naresh Anirudha Patil and Milind Digambar Kolte are among the firm's other promoters who are selling their stake to Blackstone.

Kolte-Patil share price

Kolte-Patil Developers shares closed 2.53 per cent higher at ₹347.15 in Thursday's trading session, compared to ₹338.60 at the previous market close. The open offer was announced after market hours on Thursday.

Indian stock market remained closed on Friday, March 14, due to the festival of Holi 2025. 

Kolte-Patil Developers shares have given stock market investors 82.9 per cent returns on their investment. However, the stock has lost a little over 23 per cent in the last one year over market volatility. However, in the last one month, the stock has gained 26.56 per cent.

The shares surged 22.60 per cent in the last five market sessions. The stock hit its 52-week high of ₹574 on April 10, 2024, while the 52-week low level was at ₹235.10 on March 4, 2025, according to BSE data.

According to official data, the three-decade-old firm has developed and constructed more than 64 projects, including residential complexes, commercial complexes, and IT Parks, across Pune, Mumbai, and Bengaluru.

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