The new shares represent a significant increase in his portfolio.
Patel also owns stakes in Carbacid, Absa Bank Kenya, Co-operative Bank and Safaricom.
Patel owns a 49.9-percent stake in Carbacid.
Due to legal and regulatory roadblocks, the finalization of the deal has now dragged on for more than one year.
Carbacid Investments is an investment holding with interests in carbon dioxide gas production processing and marketing.
Absa Bank Kenya is a leading bank in Kenya and an operating subsidiary of Absa Group Limited.