India, March 17 -- Global investment firm Blackstone is set to expand its footprint in the Indian real estate market by acquiring up to a 66% stake for Rs.1800 crore in Pune-based Kolte-Patil Developers as part of its strategy to diversify into the residential real estate segment.

According to a statement issued by Kolte Patil Developers Limited (KPDL) on March 17, Blackstone will acquire up to 66% of KPDL for a commitment of Rs.1,800 crore. KPDL will allot 1.27 crore equity shares (14.3%) to Blackstone Real Estate funds, raising Rs. 417.03 crore.

The statement said that Blackstone Real Estate funds will acquire 25.7% of KPDL's post-issue equity share capital from existing promoters. Following the transaction, Blackstone Real Estate fun...