Blackstone to acquire 40% stake in Kolte-Patil Developers for Rs 1,166 cr

Kolte-Patil builds residential, commercial projects and has a presence in Pune, Bengaluru and Mumbai

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Global private equity giant Blackstone will pick up a 40 per cent stake in Pune-based Kolte-Patil Developers for ₹1,166 crore, making a foray into India’s residential property market which saw the highest annual sales in a decade in 2024.

 

BREP Asia III India Holding Co, a Blackstone entity, will buy a 14.3 per cent stake in Kolte-Patil Developers for ₹417.03 crore through a preferential allotment route, the company said in a statement to stock exchanges on Thursday.

 

The transaction will entail acquisition of 12.6 million shares at ₹329 per share, higher than the 12 March opening price of ₹316.30, but at a discount from Thursday’s closing price of ₹ 347.15.

 

BREP Asia III India Holding Co will acquire an additional 25.7 per cent through a share purchase agreement.

 

For the 40 per cent stake buy, Blackstone will end up spending ₹1,166.4 crore. The entity will be classified as one of the promoters of the realty firm and will have joint control, after the agreement is completed.

 

Blackstone will make an open offer for 26 per cent, in accordance with Sebi norms, which mandate an open offer for a company to buy up to 26 per cent shares from existing shareholders if it is acquiring a significant stake in an entity.

 

The company will hold an extra-ordinary general meeting on April 10 to seek approval from shareholders on the transaction.

 

Existing promoters include Rajesh Anirudha Patil, Naresh Anirudha Patil, Milind Digambar Kolte, Sunita Rajesh Patil, Vandana Naresh Patil, Sunita Milind Kolte, Yashvardhan Rajesh Patil, Ankita Rajesh Patil, Harshavardhan Naresh Patil, and Priyanjali Naresh Patil. The promoters held 69.4 per cent equity, according to the December 2024 shareholding pattern, with the remainder being held by the public.

 

Blackstone is amongst India's largest commercial space owners, including office buildings, shopping malls and more recently data centres.

 

Kolte-Patil Developers, on the other hand, builds residential as well as commercial projects and has presence in Pune, Bengaluru and Mumbai. It clocked revenues of ₹349.7 crore in the third quarter of financial year 2025 (Q3FY25), driven by higher deliveries, with the nine months ended December 2024 revenues standing at ₹998.7 crore. Net profit for the third quarter was ₹25.3 crore and ₹41.3 crore for the nine-month period.

 

“A key highlight of the quarter was the improvement in average realisations, which stood at ₹8,394 per sq. ft., marking an 11 per cent year-on-year increase. This uptick was primarily on account of strong traction in our premium and luxury segments,” the company had said in the earnings call following the results.

 

The company intends to launch projects with the Gross Development Value (GDV) of ₹5,000 crore in FY25, and recently signed a 22-acre joint development project in Pune with the expected GDV of ₹4,000 crore and potential saleable area of 5 million square feet.