Aug. 29 at 2:03 AM
Blackstone plans to sell up to
$1.25 billion of its stake in India’s Knowledge Realty Trust in what would be the largest block sale of its kind this year. According to an SEC filing, Blackstone will offer up to 11.1 million units, representing a 25.03% stake, to institutional investors on Aug. 31 and retail investors on Sept. 1.
The minimum offer price is set at
$1.13 per unit, a 4.7% discount to Friday’s close and 13% below the trust’s net asset value. The base offering is expected to raise about
$838 million, with a
$418.4 million greenshoe option potentially bringing the total to
$1.25 billion.
Blackstone currently owns 46.5% of Knowledge Realty Trust. If the overallotment option is fully exercised, its stake would fall to 21.5%, while joint-venture partner Sattva Group would become the largest shareholder with 32%.
Knowledge Realty, listed in August last year, owns a portfolio of 29 business parks across six Indian cities.
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