Keystone Realtors raises Rs 190.5 crore from anchor investors

14 Nov 2022 , 01:15 PM

Keystone Realtors is a Mumbai-based real-estate company that sells properties under the brand Rustomjee, has raised Rs 190.5 Crore from 16 anchor investors on November 11, 2022. The company has allotted 35.21 lakh equity shares to anchor investors at Rs 541 per share, as per BSE circular.

The anchor book saw participation from Abu Dhabi Investment Authority, Morgan Stanley, Aditya Birla Sun Life, SBI Life Insurance, IDFC Mutual Fund, Tata Mutual Fund, HDFC Life Insurance Company, IIFL Special Opportunities Fund, Saint Capital Fund and BNP Paribas Arbitrage. Abu Dhabi Investment Authority, Morgan Stanley and Saint Capital accounted for nearly 35 per cent of the anchor investor portion.

Keystone Realtors IPO has opened today, and will be closing on November 16, 2022 with a price band of Rs 514-541 per share. The company is planning to raise Rs 635 via this offer which includes shares worth Rs 560 crore from fresh issue and an offer for sale of Rs 75 crore by selling shareholders. Around 50% of the issue is reserved for qualified institutional investors, 35 per cent for retail investors and rest 15 per cent for non-institutional investors.

The net proceedings from the IPO will primarily be used to fund the repayment/prepayment of borrowings to the tune of Rs 341.6 crore. The company is also looking at acquiring future real estate projects. 

Incorporated in the year 1995, Keystone Realtors is one of the prominent real estate developers of Mumbai. It has 32 Completed Projects, 12 Ongoing Projects and 21 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 the Rustomjee brand.

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