(Reuters) - U.S. investment firm Blackstone will purchase a 40% stake in Indian real estate developer Kolte-Patil Developers in a deal worth 11.67 billion rupees ($134 million), the latter said on Thursday.

Kolte-Patil will allot a Blackstone entity 14.3% preferential shares in a deal worth 4.17 billion rupees, while its controlling shareholders will sell another 25.7% to the U.S. firm for about 7.5 billion rupees.

According to Indian market regulations, the sale will trigger a so-called open offer for Blackstone to buy up to 26% shares from existing shareholders.

Blackstone, which entered India 20 years ago, counts India among its biggest markets, and is also one of the country's largest owners of office buildings, data centres, shopping malls and logistics parks.

Kolte-Patil builds residential as well as commercial complexes and has a presence in the cities of Mumbai, Pune and Bengaluru. Its shares closed 2.3% higher at 346.65 rupees in Mumbai after the news.

($1 = 87.0100 Indian rupees)

(Reporting by Nandan Mandayam in Bengaluru; Editing by Mrigank Dhaniwala)