Transaction Overview
Blackstone Inc. has filed to sell as much as $1.25 billion worth of its holding in Knowledge Realty Trust, the Indian real‑estate investment trust (REIT). The offer comprises up to 11.1 million units, equivalent to a 25.03 % stake, with the non‑retail window scheduled for 31 August 2026 and the retail window for 1 September 2026.
Pricing and Discounts
The floor price for the units is set at ₹108 per unit, representing a 4.7 % discount to the closing price on the preceding Friday and a 13 % discount to the REIT’s net asset value (NAV).
Deal Size and Greenshoe
The base transaction is sized at approximately ₹79.9 billion (about $838 million). A greenshoe option of up to ₹39.96 billion is available, which, if fully exercised, would increase the total amount raised to roughly ₹119.86 billion.
Ownership Impact
Blackstone’s current stake of 46.5 % would be reduced to 21.5 % should the full greenshoe be exercised. Consequently, its joint‑venture partner Sattva Group would become the largest shareholder with a 32 % holding, surpassing Blackstone’s post‑sale position.
Market Significance
The sale is described as one of the largest REIT stake disposals by Blackstone in India during the current year, and the transaction is structured with separate windows for retail and non‑retail investors over two consecutive days.