Rustomjee Group IPO: Keystone Realtors Limited, a real estate developer under the brand name of Rustomjee, has filed its initial public offering (IPO) papers. The company has filed its draft Red Herring Prospectus (DRHP) with the market regulator Securities and Exchange Board India ,SEBI) for its initial share sale. The company has developed 20.05 million square feet of high-value and affordable residential buildings, premium gated estates, townships, corporate parks, retail locations, schools, iconic landmarks and various other real estate projects. Keystone Realtors IPO The plan is to raise Rs 850 crore through initial stake sale.
Here are the key points on Rustomjee IPO
– The IPO This includes a fresh issue of Rs 700 crore and an offer for sale (OFS) of up to Rs 150 crore by its existing shareholders and promoters. The company has not yet decided the price band of the shares. Axis Capital and Credit Suisse are the book running lead managers of the issue.
Keystone Realtors plans to use Rs 4,270 of the net proceeds earned through the IPO for full or partial repayment/prepayment of certain borrowings taken by the company and its subsidiaries. It will use the balance amount for acquisition of future real estate projects and for general corporate purpose.
Promoters Boman Rustamji Irani is selling 48.56 million shares, Percy Sorabji Choudhary and Chandresh Dinesh Mehta are selling 24.28 million shares. On the other hand, promoter groups Dreamz Dwellers LLP, Viking Trust, Chandresh Mehta Family Trust and Percy Choudhary Family Trust together are selling around 30 million shares.
Keystone Realtors is one of the leading real estate developers (in terms of absorption in number of units) in the micro-markets in which they are present, the company said in its DHRP, quoting the Anarock report. As of March 31, 2022, the company had 32 completed projects, 12 ongoing projects and 19 upcoming projects in the Mumbai Metropolitan Region (“MMR”). It has presence in Juhu, Bandra East, Khar, Bhandup, Virar and Thane. As of March 31, 2022, it 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.
– Keystone Reality IPO date not confirmed yet. Once the RHP is filed by the company with SEBI, it will be confirmed. According to the DHRP filed with the market regulator, the shares have not been allotted to the investors yet. The face value of each equity share is Rs 10 per equity share, the company said. However, no price band has been decided yet. “The price band and minimum bid lot size will be decided by our company and selling shareholders in consultation with BRLM and will be advertised at least two working days prior to the date of opening of bid/offer,” the company said. in its filing.
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