Blackstone to buy 40% stake in India's Kolte-Patil Developers for $134 million

Kolte-Patil will allot a Blackstone entity 14.3% preferential shares in a deal worth 4.17 billion rupees, while its controlling shareholders will sell another 25.7% to the U.S. firm for about 7.5 billion rupees. According to Indian market regulations, the sale will trigger a so-called open offer for Blackstone to buy up to 26% shares from existing shareholders.