Description

Open offer by Blackstone entities to acquire up to 26% stake in Kolte-Patil Developers Limited at ₹329 per share.

Summary

BREP Asia III India Holding Co VII Pte. Ltd. (Blackstone entity) along with two Blackstone partnerships is making an open offer to acquire up to 2,30,56,825 equity shares (26% of emerging voting capital) of Kolte-Patil Developers Limited at ₹329 per share in cash, pursuant to SEBI (SAST) Regulations.

Key Points

  • Acquirer: BREP Asia III India Holding Co VII Pte. Ltd. (Singapore entity) with Blackstone Real Estate Partners Asia III L.P. and Blackstone Real Estate Partners (Offshore) X.TE-F (AIV) L.P.
  • Target: Kolte-Patil Developers Limited (CIN: L45200PN1991PLC129428)
  • Offer size: Up to 2,30,56,825 equity shares representing 26% of emerging voting capital
  • Offer price: ₹329 per equity share (face value ₹10)
  • Payment mode: Cash
  • Not conditional on minimum acceptance level
  • Not a competing offer
  • CCI approval received on June 10, 2025

Regulatory Changes

Open offer made in compliance with SEBI (SAST) Regulations 2011 under Regulations 3(1) and 4. The offer follows mandatory disclosure requirements for substantial acquisition of shares and takeovers.

Compliance Requirements

  • Public shareholders must respond through proper acceptance procedures
  • Statutory approvals from Competition Commission of India already obtained
  • Additional approvals may be required if circumstances change before offer completion
  • Payment subject to statutory approval requirements for different categories of shareholders

Important Dates

  • CCI approval date: June 10, 2025
  • Offer opening date: To be announced in subsequent circulars
  • Letter of Offer issuance: August 18, 2025

Impact Assessment

High impact transaction involving global investment firm Blackstone acquiring significant stake in major real estate developer. The offer at ₹329 per share provides exit opportunity for existing shareholders. Transaction indicates institutional confidence in Indian real estate sector and Kolte-Patil’s growth prospects.

Impact Justification

Major takeover offer for 26% stake by global investment firm affects significant shareholding