Kolte Patil Developers , a prominent real estate developer, has undergone a significant change in its ownership structure as BREP Asia III India Holding Co VII Pte. Ltd., a Blackstone-affiliated entity, substantially increased its stake in the company. The transaction, executed on August 11, marks a major shift in the company's control.

Key Details of the Acquisition

• BREP Asia III acquired 2,27,96,353 equity shares, representing a 25.71% stake in Kolte-Patil Developers.
• The acquisition was conducted off-market, in line with a share purchase agreement dated March 13.
• Following this transaction, BREP Asia III's total holding in Kolte-Patil Developers increased to 3,54,72,038 shares, constituting 40% of the company.

Impact on Ownership and Control

• Prior to this acquisition, BREP Asia III held 1,26,75,685 shares, equivalent to a 14.29% stake in the company.
• The Blackstone affiliate has now gained joint control alongside existing promoters and is classified as a promoter of Kolte-Patil Developers.
• This change has resulted in a significant shift in the promoter and promoter group shareholding, which has decreased from 59.5% to 33.8%.

Transaction Details

• The shares were acquired from various members of the promoter and promoter group, including:

Regulatory Compliance

• The transaction was conducted in accordance with SEBI regulations, including the Substantial Acquisition of Shares and Takeovers Regulations, 2011.
• A public announcement for an open offer to the public shareholders was made on March 13, in line with SEBI regulations.

Company Overview

Kolte-Patil Developers Limited remains listed on both the National Stock Exchange of India Limited and BSE Limited. The company's total equity share capital stands at INR 88,68,00,940, divided into 8,86,80,094 equity shares with a face value of INR 10 each.

This strategic move by the Blackstone affiliate represents a significant development in the Indian real estate sector, potentially bringing global expertise and resources to Kolte-Patil Developers' operations.

Recent Financial Update

Kolte-Patil Developers Limited recently submitted a monitoring agency report for the quarter ended June 30, regarding the utilization of proceeds from their preferential issue worth Rs 417.03 crore. Key points from the report include:

• CARE Ratings Limited, serving as the monitoring agency, reported no deviations from the stated objects of the issue.
• The funds were allocated for three purposes:
  1. Rs 104.00 crore for general corporate purposes
  2. Rs 265.00 crore for development of new real estate projects including land acquisition
  3. Rs 48.03 crore for payment of government premiums and purchase of floor space index
• During the quarter, no funds were utilized, and the entire amount remains invested in liquid mutual funds and money market funds with banks including Axis, ICICI Prudential, and Tata.
• The company has until December 23, 2026, to complete the utilization of these proceeds.
• All statutory approvals are pending and will be obtained in due course.

This update demonstrates Kolte-Patil Developers' commitment to transparency in its financial operations and adherence to regulatory requirements.

In a significant move that reshapes the ownership structure of Kolte-Patil Developers Limited , BREP Asia III India Holding Co VII Pte. Ltd. has acquired a substantial 25.71% stake from the company's promoter group. This acquisition, completed on August 11, 2025, brings BREP's total shareholding in the real estate developer to 40%.

Transaction Details

The off-market transaction involved the purchase of 2,27,96,353 equity shares at ₹329.00 per share, amounting to a total investment of approximately ₹751.00 crores. The shares were acquired from several promoter group members, including Rajesh Anirudha Patil, Naresh Anirudha Patil, Milind Digambar Kolte, and their family members, as per a share purchase agreement dated March 13, 2025.

Regulatory Compliance

In accordance with SEBI regulations, the acquired shares have been placed in a share escrow account and will be transferred to the acquirer's demat account in due course. This move follows a public announcement made on March 13, 2025, for an open offer to the public shareholders of Kolte-Patil Developers.

Board Restructuring

The transaction has triggered significant changes in the company's board composition:

Appointments

• Mr. Tuhin Parikh, Mr. Asheesh Mohta, and Mr. Mohit Arora have been appointed as Additional Directors (Non-Executive and Non-Independent).

Resignations

• Mr. Milind Kolte and Mr. Nirmal Kolte have stepped down from their positions as Whole Time Directors designated as Executive Directors.
• Mr. Yashvardhan Patil has resigned from his role as Whole Time Director designated as Joint Managing Director.
• Independent Directors Mr. Achyut Watve, Mr. Umesh Joshi, and Mr. Dhananjay Barve have also tendered their resignations.

New Chairman

• Mr. Girish Vanvari, an Independent Non-Executive Director, has been appointed as the new Chairman of the Board.

Committee Reconstitution

Following these changes, the company has reconstituted its key committees:

Implications

This strategic investment by BREP Asia III India Holding, associated with Blackstone Real Estate Partners, marks a significant shift in Kolte-Patil Developers' ownership structure. The infusion of capital and expertise from a global investment firm could potentially enhance the company's growth prospects and operational capabilities in the competitive real estate market.

As this major transaction concludes, stakeholders will be keenly watching how this new partnership influences Kolte-Patil Developers' future strategies and market position in the Indian real estate sector.