Keystone Realtors company wants to raise Rs 635 crore through this IPO. Therefore, the price band for this IPO has been fixed at Rs 514-541 per share.
Keystone Realtors IPO: If you are an investor and want to earn good money, then today on 14th November, Mumbai based company Keystone Realtors (Mumbai) selling property under Rustomjee brand.Keystone Realtors)’s IPO has opened. By investing in which you can earn better. Investors can invest in this IPO till November 16. Under this IPO, fresh equity shares of up to Rs 560 crore (Fresh Equity Shares) will be issued. Apart from this, shares worth Rs 75 crore will be sold under Offer for Sale (OFS) by the promoters and existing shareholders of the company. The company wants to raise Rs 635 crore through this IPO. Therefore, the price band for this IPO has been fixed at Rs 514-541 per share. In this you have to buy shares of at least Rs 13878. The issue will be open for public subscription till November 16.
Boman Rustom Irani, CMD, Keystone Realtors, says that our company is built on trust and teamwork. I hope our smart/hard working team will continue to achieve better results to take Rustomji to higher level. He said that he is confident that the purpose of this IPO will be successful. Irani said that I am positive that the public will understand our achievements. We will give great returns in the long run.
Important information related to IPO
- Investors can invest in this IPO till November 16. Under this IPO, fresh equity shares of up to Rs 560 crore will be issued. Apart from this, shares worth Rs 75 crore will be sold under Offer for Sale (OFS) by the promoters and existing shareholders of the company.
- The price band for this IPO has been fixed at Rs 514-541 per share. The issue will open for public subscription on 14 November and close on 16 November.
- As a part of the OFS, promoter Boman Rustom Irani will now sell shares worth up to Rs 37.5 crore. At the same time, it also includes sale of shares worth Rs 18.75 crore by Percy Sorabji Chowdhary and Chandresh Dinesh Mehta.
- The company intends to use Rs 341.6 crore for repayment / pre-payment of borrowings. Under the IPO, the funds raised will be used for debt repayment and acquisition of future real estate projects. In addition, the fund is also planned to be used for general corporate purposes.
- Half of the issue 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.
Raised 190 crores from anchor investors
Keystone Realtors has already raised Rs 190 crore from anchor investors. According to a circular uploaded on BSE’s website, it has decided to allot 35.21 lakh equity shares at Rs 541 per share to 16 anchor investors, taking the transaction size to Rs 190.5 crore.
Abu Dhabi Investment Authority (ADIA), Morgan Stanley and Cent Capital accounted for about 35 per cent of the anchor investor share. 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 segment. SBI Life Insurance and HDFC Life Insurance Company are also among the anchor investors.
This company works
Keystone Realtors Company was established in 1995. 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 these 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 by March 2022. . The equity shares of the company will be listed on both the BSE and NSE markets.
English News Headline :IPO of Keystone Realtors company opened for only 3 days.
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