Dedicated locality research platform
Enter your email address and you will receive
a link to reset your password
Source: ET Realty & LiveMint
Keystone Realtors Ltd (KRL), which sells properties under the brand 'Rustomjee’, launched its initial public offering (IPO) on Monday, November 14, 2022. Investors will be allowed to subscribe till Wednesday, November 16, 2022. The Mumbai-based real estate developer has fixed a price band of INR 514-54/- a share. The company is looking to raise ?635 crore through the initial share sale, which consists of a fresh issue of equity shares aggregating up to ?560 crore and an Offer-For-Sale (OFS) worth ?75 crore by promoters.
According to data from the NSE, on its first day the issue has been subscribed 8 percent. The IPO received bids for 7,24,599 shares against 86,47,858 shares on offer. The category catering to Retail Individual Investors (RIIs) was subscribed at 12 percent and the non-institutional investors subscribed at 11 percent.
The company intends to utilise the net proceeds towards funding the repayment and prepayment of borrowings to the tune of ?341.6 crore as well as towards funding the acquisition of future real estate projects and general corporate purposes. The equity shares of the company are expected to be listed on stock exchanges BSE and NSE on Thursday, November 24, 2022.
The company on Friday said it has collected over ?190 crore from anchor investors ahead of its issue. Saint Capital, Morgan Stanley and Abu Dhabi Investment Authority account for nearly 35 percent of these anchor investments. Closer to home, SBI Life Insurance, HDFC Life Insurance Company and domestic mutual funds such as IDFC Mutual Fund, Tata Mutual Fund, Quant Mutual Fund and Aditya Birla Mutual Fund are said to have participated.
Headed by Boman Rustom Irani, Keystone Realtors is one of the prominent real estate developers of the country. Founded in 1995, they company has so far completed over 32 projects, while having 12 on going projects and 19 forthcoming coming 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.
Propscience is India’s dedicated property news portal. We cover the latest events, news, trends, deals, new launches and more.
All our services and tools are completely free of cost and available 24X7!
We use cookies to give you the best possible service while using our website, please click accept and carry on browsing if you're happy with this. For more information see our Privacy Policy.
Okay, Got it!This disclaimer ("Disclaimer") is applicable to the entire Site. Upon entering the Site it is recommended that you immediately read the Terms and Conditions and Privacy Policy listed therein. Your continued usage of this Site will indicate your unconditional acceptance of the said Terms and Conditions and Privacy Policy. You hereby agree that Propscience reserves the right to modify at any time, the Terms and Conditions and Privacy Policy governing this Site without prior notification. Your usage of the Site implies that you will be bound by any such modification. You agree and acknowledge that it is your responsibility to periodically visit the Site and stay updated with the Terms and Conditions and Privacy Policy of the Website.
The information contained in this Site has been provided by Propscience for information purposes only. This information does not constitute legal, professional or commercial advice. Communication, content and material within the Site may include photographs and conceptual representations of projects under development. All computer-generated images shown on the Site are only indicative of actual designs and are sourced from third party sites.
The information on this Site may contain certain technical inaccuracies and typographical errors. Any errors or omissions brought to the attention of Propscience will be corrected as soon as possible. The content of this Site is being constantly modified to meet the terms, stipulations and recommendations of the Real Estate Regulation Act, 2016 ("RERA") and rules made thereunder and may vary from the content available as of date. All content may be updated from time to time and may at times be out of date. Propscience accepts no responsibility for keeping the information in this website up to date or any liability whatsoever for any failure to do so.
While every care has been taken to ensure that the content is useful, reliable and accurate, all content and information on the Site is provided on an "as is" and "as available" basis. Propscience does not accept any responsibility or liability with regard to the content, accuracy, legality and reliability of the information provided herein, or, for any loss or damage caused arising directly or indirectly in connection with reliance on the use of such information. No information given under this Site creates a warranty or expands the scope of any warranty that cannot be disclaimed under applicable law.
This Site provides links to other websites owned by third parties. Any reference or mention to third party websites, projects or services is for purely informational purposes only. This information does not constitute either an endorsement or a recommendation. Propscience accepts no responsibility for the content, reliability and information provided on these third-party websites. Propscience will not be held liable for any personal information of data collected by these third parties or for any virus or destructive properties that may be present on these third-party sites.
Your use of the Site is solely at your own risk. You agree and acknowledge that you are solely responsible for any action you take based upon this content and that Propscience is not liable for the same. All details regarding a project/property provided on this Site are updated on the basis of information available from the respective developers/owners/promoters. All such information will not be construed as an advertisement. To find out more about a project / development, please register/contact us to visit the site you are interested in. All decisions taken by you in this regard will be taken independently and Propscience will not be liable for any such loss in connection with the same. This Site is for guidance only. Your use of this Site - including any suggestions set out in the Site and or any use of the resources available on this Site, do not create any professional - client relationship between you and Propscience. Propscience cannot accept you as a client until certain formalities and requirements are met.
We use cookies to give you the best possible service while using our website, please accept it and continue browsing if you're happy with this. For more information see our Privacy Policy