Blackstone has received clearance from the Competition Commission of India (CCI) for its proposed investment in Kolte-Patil Developers, which will be executed through a mix of preferential allotment and secondary share purchase.
Back in March 2025, the company announced plans for an equity infusion by BREP Asia III India Holding Co. VII, a Blackstone affiliate. Subsequently, the deal followed a two-tiered investment approach, with a total value of approximately ₹1,167 crore.
As part of this agreement, Kolte-Patil Developers will issue 12,675,685 equity shares on a preferential basis to BREP Asia III India Holding Co. VII. Kolte-Patil Developers has priced each share at ₹329, with a face value of ₹10, resulting in a capital infusion of ₹417.03 crore.
Kolte-Patil Developers and Blackstone will carry out the capital infusion by signing a Share Subscription Agreement (SSA). Alongside the preferential allotment, Blackstone will also purchase around 25.7% of Kolte-Patil’s post-issue equity capital via a secondary market transaction from the existing promoters at the same price per share, amounting to ₹750 crore.
Following the completion of the deal, Blackstone will own 40% of Kolte-Patil’s equity capital, excluding the open offer. If public shareholders fully accept the open offer for an additional 26% stake, Blackstone could increase its total holding to 66%.
The transaction also involves the signing of a Share Subscription Agreement (SSA) and a Shareholders’ Agreement (SHA) between Blackstone, Kolte-Patil Developers, and select members of the promoter group. As part of the arrangement, Blackstone will be reclassified as a promoter and, consequently, will share joint control of the company alongside the existing promoters, in accordance with SEBI’s Listing Obligations and Disclosure Requirements (LODR) Regulations.
After the transaction, the promoter group’s shareholding in Kolte-Patil Developers will drop from 59.52% to 33.81%, reflecting a significant stake dilution by key promoters, including Rajesh Anirudha Patil, Naresh Anirudha Patil, and Milind Digambar Kolte, among others.
