Mumbai-based realty firm Keystone Realtors will hit the capital market on Monday to raise Rs 635 crore through its Initial Public Offer (IPO).
The company sells properties under the brand ‘Rustomjee’.
When contacted, Keystone Realtors Ltd CMD Boman Rustom Irani said: “Our company has been built on trust and team work. I look forward to our smart/hard working team continue to achieve results to raise Rustomjee to higher levels.” He expressed confidence that the public issue would be successful.
“I am positive that the public will understand our achievements and for the long run we will offer great returns,” Irani told PTI.
Keystone Realtors has proposed to raise Rs 635 crore through the IPO, which consists of a fresh issue of equity shares aggregating up to Rs 560 crore and an Offer-For-Sale (OFS) worth Rs 75 crore by promoters.
The price band has been fixed at Rs 514-541 a share. The issue will open for public subscription on November 14 and conclude on November 16.
As part of the OFS, promoter Boman Rustom Irani will sell shares worth up to Rs 37.5 crore, while shares worth Rs 18.75 crore each will be offloaded by Percy Sorabji Chowdhry and Chandresh Dinesh Mehta.
As per the objective of the public issue, the company intends to utilise the net proceeds towards funding the repayment/prepayment of borrowings to the tune of Rs 341.6 crore. The proceeds will also be used to fund the acquisition of future real estate projects and general corporate purposes.
Keystone Realtors has already raised over Rs 190 crore from anchor investors.
It has decided to allot 35.21 lakh equity shares to 16 anchor investors at Rs 541 apiece, taking the transaction size to Rs 190.5 crore, according to a circular uploaded on the BSE website.
The anchor book saw participation from a wide variety of investors.
Abu Dhabi Investment Authority (ADIA), Morgan Stanley and Saint Capital accounted for nearly 35 per cent of the anchor investor portion.
Domestic mutual funds such as Aditya Birla Mutual Fund, IDFC Mutual Fund, Tata Mutual Fund and Quant Mutual Fund also participated in the anchor investor portion.
SBI Life Insurance and HDFC Life Insurance Company too were among the anchor investors.
Half of the issue size has been reserved for qualified institutional investors, 35 per cent for retail investors and the remaining 15 per cent for non-institutional investors.
Investors can bid for a minimum of 27 equity shares and in multiples thereof.
Founded in 1995, Keystone Realtors has 32 completed projects, 12 ongoing projects and 19 forthcoming projects across the Mumbai Metropolitan Region (MMR).
The realty firm has developed 20.05 million square feet of high-value and affordable residential buildings, premium gated estates, townships, corporate parks, retail spaces, schools, iconic landmarks and various other real estate projects as of March 2022.
(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)
Featured Video Of The Day
India Can’t Be Developed Till It Is Corruption Free: Union Bank
For more information call us at 9891563359.
We are a group of best insurance advisors in Delhi. We are experts in LIC and have received number of awards.
If you are near Delhi or Rohini or Pitampura Contact Us Here