blackstone-builds-on-investments-in-india

Blackstone builds on investments in India

The buyout firm announces its second India deal in a fortnight, investing $150 million for a 14.5% stake in Nagarjuna Construction.
Blackstone has accelerated the pace of investing in India with the $150 million purchase of a stake in Nagarjuna Construction following close on the heels of its Gokaldas deal.

Blackstone will own 14.5% of Hyderabad-based Nagarjuna Construction. The stake is being acquired via a fresh issue of shares and warrants. Blackstone will be allotted 20,246,900 equity shares at a face value of Rs2 $.05 each and a premium of Rs200.50. This adds up to $100 million and represents a 12.5% equity stake. Blackstone will also be issued 9,111,111 warrants, with the strike price for each warrant set at Rs225, representing another 2% stake assuming all warrants are exercised. The warrants, which aggregate $50 million, have...
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