Description
NSE revises tender offer period for Blackstone's takeover of Kolte-Patil Developers Limited, extending offer until September 9, 2025.
Summary
NSE has issued a revised circular for the takeover offer of Kolte-Patil Developers Limited by BREP Asia III India Holding Co VII Pte. Ltd. (Blackstone group). This revision modifies the previous circular dated August 19, 2025, specifically updating the tender offer period and excluding Id-E-Milad holiday from trading.
Key Points
- Revised issue period: August 22, 2025 to September 9, 2025 (excluding September 8, 2025)
- Offer size: Up to 2,30,56,825 equity shares
- Fixed offer price: Rs. 329 per share
- Face value: Rs. 10 per equity share
- Tender offer window unavailable on September 8, 2025 due to Id-E-Milad holiday
- Order modification and cancellation not permitted for takeover offers
Regulatory Changes
No new regulatory changes introduced. The circular follows existing Tender Offer Scheme Exchange circular NSE/CMTR/52776 dated June 29, 2022.
Compliance Requirements
- All trading members must note the revised tender offer timeline
- Investors cannot modify quantity or cancel orders once placed
- JM Financial Limited acts as merchant banker
- MUFG Intime India Private Limited serves as registrar
- Eight investor categories eligible: FII, MF, IC, FI, OTH, CO, IND, NOH
Important Dates
- Tender Offer Period: August 22, 2025 to September 9, 2025
- Holiday Exclusion: September 8, 2025 (Id-E-Milad - no trading)
- Original Circular Date: August 19, 2025
Impact Assessment
Medium impact on KOLTEPATIL shareholders and trading activities. The revision provides clarity on the exact tender offer timeline and ensures compliance with holiday schedules. Investors participating in the takeover offer must be aware of the fixed pricing structure and restriction on order modifications.
Impact Justification
Revision to existing takeover offer timeline affects trading window and investor participation