Kolte-Patil Developers Shares In Green After Blackstone's Open Offer To Acquire 26% In Pune-Based Real Estate Company

Kolte-Patil Developers, a Pune-based real estate company, is among the buzzing stocks, as the Indian equity markets look to re-energise the scene.

Kolte-Patil Shares Surge

The Pune-based company extended its gains at Dalal Street after the realty company announced that US-based investment management behemoth, Blackstone has shown interest in the company.

In an exchange filing issued on March 17, the company said that Blackstone Group’s affiliated firm, BREP Asia III India Holding Co VII Pte Ltd, along with the Blackstone Real Estate Partners Asia III L P and Blackstone Real Estate Partners (Offshore) X.TE-F (AIV) L P, has launched an open offer.

This offer proposes an acquisition of about 26 per cent of Kolte-Patil Developers. This would mean an acquisition of up to 2.30 crore shares in the Pune-based developer.

The open offer pegs the price set at Rs 329 per share. The total value of the said deal is estimated to be Rs 758.56 crore.

As a result of this development, the company shares expanded its gains on Wednesday as well. The company shares increased in value by 0.73 per cent or Rs 2.50.

In the past five trading sessions, the company shares have jumped by a cumulative of 2.96 per cent or Rs 9.85. This has pushed the overall value of the company shares to Rs 342.95 per piece.

Blackstone's Future Kohinoor

The American giant, Blackstone is only getting started in India, as it has looked to expand it footprint in the most populated country.

According to some reports, the company has a portfolio of about or even over USD 50 billion in India.

The company is looking at some crucial sectors, including infrastructure, private equity, tech, and, needless to say, real estate, in a developing economy, with a significant scope to catch up.

Through the expansion in the said avenues, Blackstone reportedly intends to expand its total investment to USD 100 billion.