UPDATE 1-Blackstone India warrant deal blocked by regulator

* Second Blackstone deal to hit regulatory hurdle

* Analysts see regulatory hindrance as one-off (Adds details, share price)

MUMBAI, July 13 (Reuters) - Blackstone (BX.N: 株価, 企業情報, レポート) will not raise its stake in India's Nagarjuna Construction Co (NGCN.BO: 株価, 企業情報, レポート) through warrants after the plan failed to get regulatory approval, the second time the private equity firm has hit a regulatory hurdle in the country.

Blackstone, which in late 2007 announced a $150 million deal to buy shares and warrants in Nagarjuna, had to drop the purchase of 9.1 million warrants after it did not get approval from the Foreign Investment Promotion Board, the Indian firm said in a statement.

Blackstone, which has invested more than $730 million in India since its arrival in 2005, declined to comment.

The firm has invested in seven Indian firms, its website showed. It owns 9.3 percent of Nagarjuna, according to stock exchange data.

Nagarjuna Construction officials could not be reached immediately.

Last year, Blackstone's planned $275 million investment in unlisted Ushodaya Enterprises failed to get finance ministry approval.