Rustomjee group firm Keystone Realtors files Rs 850-cr IPO papers
Rustomjee group company Keystone Realtors has filed preliminary papers with Sebi to raise Rs 850 crore through an initial public offering (IPO).
The IPO consists of fresh issue of equity shares aggregating up to Rs 700 crore and an offer-for-sale (OFS) worth Rs 150 crore by promoters, according to the draft red herring prospectus (DRHP).
The OFS comprises sale of equity shares worth up to Rs 75 crore by Boman Rustom Irani and stocks to the tune of Rs 37.5 crore each by Percy Sorabji Chowdhry and Chandresh Dinesh Mehta.
The company proposes to utilize the net proceeds towards payment of debt, funding acquisition of future real estate projects and general corporate purposes.
Axis Capital, and Credit Suisse Securities (India) Pvt Ltd are the book running lead managers to the issue.
As of March 2022, Keystone Realtors had 32 completed projects, 12 ongoing projects and 19 forthcoming projects across the Mumbai Metropolitan Region (MMR) that includes a comprehensive range of projects under the affordable, mid and mass, aspirational, premium and super premium categories, all under their Rustomjee brand.
Also, the Mumbai-based real estate developer 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.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
Dear Reader,
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.
Digital Editor
