Description
Open offer by Blackstone entities to acquire up to 26% stake in Kolte-Patil Developers Limited at INR 329 per share.
Summary
BREP Asia III India Holding Co VII Pte. Ltd. (Acquirer) along with Blackstone Real Estate Partners Asia III L.P. and Blackstone Real Estate Partners (Offshore) X.TE-F (AIV) L.P. are 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 INR 329 per share.
Key Points
- Offer price: INR 329 per equity share (face value INR 10)
- Target shares: 2,30,56,825 equity shares representing 26% of emerging voting capital
- Acquirer: BREP Asia III India Holding Co VII Pte. Ltd. (Singapore incorporated)
- PACs: Two Blackstone Real Estate Partners entities (Cayman Islands)
- Payment: Cash consideration
- Non-conditional offer (no minimum acceptance threshold)
- Not a competing offer under SEBI SAST Regulations
Regulatory Changes
Offer made pursuant to SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 under Regulations 3(1) and 4.
Compliance Requirements
- Public shareholders can tender their shares through the open offer process
- Competition Commission of India approval already received on June 10, 2025
- No other statutory approvals currently required for share acquisition
Important Dates
- CCI approval received: June 10, 2025
- Letter of Offer date: August 18, 2025
Impact Assessment
High impact transaction involving major international private equity firm Blackstone acquiring significant stake in prominent Indian real estate developer. The 26% acquisition at premium pricing indicates strategic investment in Indian real estate sector and will result in change of control dynamics for Kolte-Patil Developers.
Impact Justification
Major acquisition offer affecting 26% of company shares by prominent PE firm