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.

Kolte Patil Developers Limited, a prominent real estate company, has announced significant changes to its Board of Directors, effective August 11, 2025. The restructuring comes as part of a strategic move following a Share Purchase Agreement and Shareholders Agreement with BREP Asia III India Holding Co VII Pte. Ltd., an entity of Blackstone, dated March 13, 2025.

New Appointments

The company has appointed three new Additional Directors, all of whom are senior executives from Blackstone:

1. Tuhin Parikh (DIN: 00544890) - Head of Real Estate India at Blackstone
2. Asheesh Mohta (DIN: 00358583) - Head of Real Estate Acquisitions India at Blackstone
3. Mohit Arora (DIN: 08100136) - Managing Director in Real Estate Group at Blackstone

All three new directors will serve as Non-Executive and Non-Independent Directors.

Resignations

Simultaneously, six directors have stepped down from their positions:

1. Milind Kolte - Executive Director
2. Yashvardhan Patil - Joint Managing Director
3. Nirmal Kolte - Executive Director
4. Achyut Watve - Independent Director
5. Umesh Joshi - Independent Director
6. Dhananjay Barve - Independent Director

Board Leadership and Committee Changes

The board has appointed Girish Vanvari as the new Chairman. Additionally, various committees have been reconstituted:

1. Audit Committee: Now includes Mohit Arora as a member
2. Nomination and Remuneration Committee: Asheesh Mohta joins as a member
3. Stakeholders Relationship Committee: Mohit Arora appointed as Chairman, with Rajesh Patil and Girish Vanvari as members
4. Risk Management Committee: Asheesh Mohta inducted as a member

Implications and Compliance

The company has stated that the board's composition continues to comply with the requirements prescribed under the Companies Act, 2013 and SEBI Listing Regulations. All resigning directors have confirmed that there are no material reasons for their resignations beyond the terms of the agreement with Blackstone.

This significant board restructuring, with the inclusion of Blackstone executives, suggests a potential shift in the strategic direction of Kolte-Patil Developers Limited. The move may bring new perspectives and expertise to the company's operations in the real estate sector.

Investors and stakeholders will be keenly watching how this change in leadership influences the company's future growth and market position in the competitive Indian real estate market.