Home » Mumbai-based realty firm Keystone Realtors to raise Rs 635 crore through IPO

Mumbai-based realty firm Keystone Realtors to raise Rs 635 crore through IPO

by WorldFinance
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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. 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.

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