JM Financial Ltd has submitted to the Exchange a copy of letter of offer.
KOLTEPATIL · price
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JM Financial Limited has submitted the Letter of Open Offer for a mandatory open offer to the public shareholders of Kolte-Patil Developers Limited by BREP Asia III India Holding Co VII Pte. Ltd. (the Acquirer) along with Blackstone Real Estate Partners Asia III L.P. and Blackstone Real Estate Partners (Offshore) X.TE-F (AIV) L.P. (Person Acting in Concert). The offer is to acquire up to 2,30,56,825 equity shares (26% of the Emerging Voting Capital) at a price of INR 329 per share, for a maximum consideration of about INR 758.57 crore. The open offer has been triggered under SEBI (Substantial Acquisition of Shares and Takeovers) Regulations because the Acquirer, through a Share Purchase Agreement and a Share Subscription Agreement, has already acquired about 40% stake and joint control in Kolte-Patil Developers along with the existing Patil and Kolte family promoters. The underlying transaction was completed after receiving Competition Commission of India approval on June 10, 2025, with the preferential allotment done on June 23, 2025 and the sale shares acquired on August 11, 2025. The tendering period for the open offer runs from August 22, 2025 to September 8, 2025.
Public shareholders of Kolte-Patil Developers can tender their shares at INR 329 per share in cash during the tendering window (August 22 to September 8, 2025). With Blackstone now becoming a co-promoter and jointly controlling the company, the stock may see continued interest from institutional investors, though share price near or above the offer price could limit arbitrage opportunity.