Aadhar Housing Finance Ltd. has received a public open offer from BCP Asia II Holdco VII Pte. Ltd., a Singapore-based company backed by global investment firm Blackstone. The open offer is valued at Rs 5,335.37 crore, assuming full acceptance, and aims to acquire 25.82 percent of the company’s equity shares from public shareholders at Rs 469.97 per share.
This offer is part of an internal restructuring between Blackstone-managed funds. Although both the acquiring and selling entities are under Blackstone, they operate through different fund structures. Since they are not part of the same promoter group and are independently managed, the offer is required under SEBI rules and does not qualify for exemption.
The open offer is being made along with Blackstone Capital Partners Asia II L.P. and Blackstone Capital Partners (CYM) IX AIV F L.P. If both the open offer and the share purchase agreement are fully accepted, the acquirer could own up to 81.57 percent of Aadhar Housing Finance. To stay within SEBI’s rule that limits non-public shareholding to 75 percent, the acquirer may proportionally reduce its stake purchase. The seller also plans to sell the remaining 10.04 percent stake to other investors, ensuring it retains no more than 9.99 percent after the transaction.
The acquirer has confirmed that the company will not be delisted and that the open offer is not conditional on any minimum level of acceptance. The transaction is still subject to necessary regulatory approvals, including those from the Reserve Bank of India and the Competition Commission of India.
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