Kolte Patil’s share price rose almost 4% to an intra-day high of Rs 360 after Blackstone committed to buy a 66% stake in the company. However, the stock fell 5% from the day’s high. This is the first move of Blackstone in India’s residential market.
Kolte Patil Developers has partnered up with global investment giant Blackstone. The company will allot 1.27 crore equity shares or 14.3% to Blackstone Real Estate funds, raising Rs 417.03 crore.
Also, Blackstone Real Estate funds will acquire 25.7% of the company’s post-issue equity share capital from existing promoters. Following the transaction, Blackstone Real Estate funds will hold approximately 40% ownership in KPDL. Simultaneously, Blackstone Real Estate funds will acquire an additional up to 26% from the public through an open offer.
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“This partnership is a pivotal milestone in KPDL’s growth trajectory, positioning the company to leverage Blackstone’s global expertise and financial strength to accelerate expansion, drive innovation, and reinforce its leadership in the dynamic Indian real estate sector,” read an exchange filing.
“We are pleased to partner with Kolte-Patil Developers, a well-established developer, and continue our commitment to investing in Indian real estate. Blackstone has built leading platforms across the office, retail, logistics, hotels and data centres, and this investment marks our strategic entry in the Indian residential sector,” said Asheesh Mohta, Head of Real Estate Acquisitions – India, Blackstone.
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The company reported a net profit of Rs 25.3 crore for Q3 FY25, swinging back to black from a net loss of Rs 62.9 crore in the same quarter a year ago. Its revenue from operations increased 361.35% YoY to Rs 349.7 crore compared to Rs 75.8 crore in the same period of the last financial year. EBITDA (earnings before interest, tax, depreciation, and amortisation) came in at Rs 25.6 crore from a loss of Rs 36.6 crore in Q3 FY24.
Kolte Patil’s stock performance
The share price of Kolte Patil has risen more than 16% in the last five trading sessions. The stock has given a return of 30% in the past one month. However, the scrip has fallen 18% in the previous six months and the last one year.
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