Blackstone to purchase majority stake in realtor Kolte-Patil for over ₹1,160 crore

In a regulatory filing dated Thursday, March 13, Kolte-Patil said that its board of directors approved the initial sale of a 14.3% stake for ₹417.03 crore for cash consideration to Blackstone’s subsidiary, BREP Asia III India Holding Co VII Pte.

The Pune-based company is selling an aggregate of 1.27 crore ( or 1,26,75,685) (14.3%) shares at ₹329 per subscription stake by way of a preferential allotment on a private placement basis, the company said.

As per the sales and purchase agreement (SPA) agreement signed between the two entities, the Blackstone subsidiary will also purchase 25.7% or 2.28 crore shares from the promoters of the realtor.

The 25.7% shares will be purchased at about ₹750 crore, as the promoters will sell 2.28 crore (or 2,27,96,353) shares at ₹329 per scrip.

The acquisition is subject to approval from the shareholders of the company and receipt of approvals from statutory authorities, including but not limited to the Competition Commission of India (CCI) and the stock exchanges, Kolte-Patil added.

Kolte-Patil share performance

Shares of Kolte-Patil closed in the green at ₹346.65, up 2.33% on the National Stock Exchange (NSE) on Thursday, March 13.

The stock gained 25.55% over the week and 38.66% since the beginning of March. However, it lost 3.08% on a year-to-date basis.

The scrip has gained 10.33% since it tumbled to its 52-week low of ₹239 on March 3, 2025. It reached its 52-week high of ₹574 on April 24, 2024.

Kolte-Patil has a total market capitalisation of ₹2,615.31 crore as of March 13, 2025, on the NSE.