Keystone Realtors IPO: According to the Draft Red Herring Prospectus (DRHP), fresh shares of up to Rs 700 crore will be issued under this IPO.
Keystone Realtors IPO: Keystone Realtors, a company of Rustomjee Group, is going to bring its IPO. The company has filed draft papers with the market regulator SEBI for this. The company wants to raise Rs 850 crore through this IPO. According to the Draft Red Herring Prospectus (DRHP), fresh shares of up to Rs 700 crore will be issued under this IPO. At the same time, shares up to Rs 150 crore will be sold by the promoters of the company under the offer-for-sale (OFS).
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IPO details
As part of the OFS, equity shares of up to Rs 75 crore will be sold by Boman Rustam Irani. At the same time, it also includes the sale of shares worth Rs 37.5 crore by Percy Sorabji Choudhary and Chandresh Dinesh Mehta. Under the IPO, the proceeds will be used to pay off debt and acquire future real estate projects. In addition, there are plans to use the fund for general corporate purposes as well. Axis Capital and Credit Suisse Securities (India) Private Limited are the Book Running Lead Managers of the issue.
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Know about the company
As of March 2022, Keystone Realtors had 32 completed projects, 12 ongoing projects and 19 upcoming projects in the Mumbai Metropolitan Region (MMR). This includes a comprehensive range of projects under Affordable, Mid and Mass, Aspirational, Premium and Super Premium categories. All of them come under the Rustomjee brand. In addition, the Mumbai-based real estate developer has developed 20.05 million sq ft 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. .
(Input-PTI)
