Blackstone to sell $1.25 billion stake in India’s Knowledge Realty Trust | Company News

Blackstone Inc. is offering to sell stake worth as much as $1.25 billion in India’s Knowledge Realty Trust next week via an offer for sale in its largest such transaction this year.  

The investor will sell up to 11.1 million units representing 25.03% stake on Aug. 31 for non-retail investors and Sept. 1 for retail investors, according to a filing.

 The floor price is set at 108 rupees per unit, a discount of 4.7% to Friday’s close and a 13% discount to its net asset value, according to a term sheet seen by Bloomberg News. 

 The base deal is sized at around 79.9 billion rupees ($838 million) and will have a greenshoe option of 39.96 billion rupees.

Blackstone’s stake, now at 46.5%, will reduce to 21.5%, assuming greenshoe is exercised fully. That will make its joint venture partner Sattva Group as the largest stake owner in Knowledge Realty Trust with a 32% stake.

 Knowledge Realty, which listed last August, has a current portfolio of 29 business corporate parks across 6 cities in India.