Kolte-Patil Developers shares in focus as Blackstone gets CCI nod to acquire majority stake; check details

US-based Blackstone, through its affiliate BREP Asia III India Holding Co VII Pte Ltd, is acquiring a stake in Kolte-Patil Developers.

"The combination envisages acquisition of a 40 per cent shareholding in Kolte-Patil Developers Ltd by BREP Asia III India Holding Co VII Pte Ltd through a combination of share subscription and share purchase," the CCI said in a release.

The transaction also envisages the acquisition of shares of the target under an open offer, it added.

"CCI approves the acquisition of a certain shareholding in Kolte-Patil Developers Limited by BREP Asia III India Holding Co VII Pte. Ltd," the regulator said in a post on X.

Kolte-Patil Developers is a listed company that is primarily engaged in the business of construction, development, and sale of real estate.

In March this year, Blackstone said it would acquire a 40% stake in realty firm Kolte-Patil Developers Ltd for ₹1,150 crore, entering into the Indian residential market after having significant exposure in office, shopping mall, warehousing, and data centre verticals of real estate.

The investment firm will acquire a 14.3% stake for ₹417 crore through a preferential issue of equity shares and another 25.7% stake from the promoters group for ₹750 crore.

Thereafter, the global investment firm said it has launched an open offer to acquire up to a 26% stake in Kolte-Patil Developers from public shareholders for ₹758.56 crore.

The global investment firm will acquire joint control along with the promoters over the company.

Blackstone aims to double its exposure in India to $100 billion.

The firm, which has been present in the country for the last two decades, has a $50 billion exposure to India, which includes its ongoing investments and the bets from which it has exited.

In a separate release, CCI cleared the acquisition of certain issued and paid-up equity share capital of Goldi Solar by Havells India Ltd and the acquisition of 100% partnership interest of Vama Inverters LLP and Goldi Energy LLP by Goldi Sun Pvt Ltd.

Havells India is engaged in the manufacturing and sale of several products, such as fans, lighting, switches, home appliances, and solar modules, in India.

Goldi Solar and its affiliates are engaged in the manufacturing and sale of solar modules and provision of engineering, procurement, and construction services for the solar sector, and Vama is engaged in the sale of solar inverters in India.

"CCI approves the acquisition of certain shareholdings of Goldi Solar Pvt Ltd by Havells India Ltd and the acquisition of 100 per cent partnership interest of Vama Inverters LLP and Goldi Energy LLP by Goldi Sun Pvt Ltd," the competition watchdog said in a post on X.

Deals beyond a certain threshold require approval from the regulator, which keeps a tab on unfair business practices as well as promotes fair competition in the marketplace.

Kolte-Patil Developers Q4 Result

Realty firm Kolte-Patil Developers Ltd has posted a consolidated net profit of ₹66.29 crore for the quarter ended March (Q4 FY25) on higher income.

Pune-based Kolte-Patil Developers Ltd had posted a net loss of ₹26.18 crore in the year-ago period.

Total income increased to ₹723.20 crore in the fourth quarter of the last fiscal from ₹527.71 crore logged in the corresponding period of the preceding year, according to a regulatory filing.

During the full 2024-25, the company's net profit stood at ₹109.33 crore as against a net loss of ₹67.48 crore in the preceding year.

Total income rose to ₹1,763.73 crore last fiscal from ₹1,394.78 crore in 2023-24.

Kolte-Patil Developers has built over 68 projects including residential complexes, integrated townships, commercial complexes and IT Parks covering a saleable area of more than 30 million square feet across Pune, Mumbai and Bengaluru.