CCI Clears Blackstone's Major Investment in Kolte-Patil

The Competition Commission of India (CCI) has approved the proposed investment by Blackstone in Kolte-Patil Developers to be carried out as a preferential allotment and secondary purchase of shares.

The Blackstone will end up with 40 per cent equity capital of Kolte-Patil (without open offer) upon its completion. Its holding can increase to 66 percent, provided it gets a full response to its open offer of an extra 26 percent share from the public shareholders. Whereas, the shareholding of the promoter group will reduced to 33.81% form 59.52% and stake of Rajesh Anirudha Patil, Naresh Anirudha Patil, Milind Digambar Kolte and others will be diluted considerably.

• Blackstone to acquire up to 66% stake in Kolte-Patil Developers through preferential allotment and secondary share purchase.
• CCI approval enables Blackstone to invest Rs. 1,167 crore, with Rs. 417 crore via preferential shares and Rs. 750 crore via secondary purchase.
• Post-deal, Blackstone will be reclassified as a promoter and will jointly control the company with existing promoters.

The deal is also comprised of SSA and shareholders agreement (SHA) to be signed amid Blackstone, Kolte-Patil and few members of promoter group. In terms of SEBI Listing Obligations and Disclosure Requirements (LODR) Regulations, Blackstone will be re-categorised as a promoter, after the transaction, and will enjoy joint control of the company with the current set of promoters.

In the agreement, Kolte-Patil Developers is expected to offer 1,26,75,685 equity shares in a preferential basis to BREP Asia III India Holding Co VII. The shares with a face value of Rs. 10 each will be issued at a price of Rs. 329 per share, amounts to a total infusion of Rs. 417.03 crore.

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This capital infusion will be in form of a share subscription agreement (SSA) to be signed between the company and Blackstone. Along with the preferential issue, Blackstone will also be getting about 25.7 per cent of the post-issue equity share capital of Kolte-Patil on a secondary market purchase of the same share price amounting to Rs. 750 crore.

In March 2025, the firm had stated regarding a proposed equity investment through preferential allotment and secondary share purchase by BREP Asia III India Holding Co VII which was an affiliate of Blackstone. The transaction comprises of a two pronged investment structure, with an aggregate value of roughly Rs. 1,167 crore.