Keystone Realtors rises on debut

24 Nov 2022 , 10:18 AM

The scrip was listed at a price of Rs 555, at a premium of 2.59% as compared to the issue price. So far, the stock has hit a high of 568.25 and a low of 555. On the BSE, over 2.96 lakh shares of the company were traded in the counter so far. The initial public offer (IPO) of Keystone Realtors received bids was subscribed 2.01 times. The issue opened for bidding on 14 November 2022 and it closed on 16 November 2022. The price band of the IPO was fixed at Rs 514-541 per share. The offer comprised of fresh issue as well as offer for sales (OFS). Fresh issue comprises issue of equity share aggregating upto Rs 560 crore. The OFS comprises sale of equity shares aggregating upto Rs 75 crore [Rs 37.5 crore by Bomon Rustom Irani, Rs 18.75 crore by Percy Sorabji Chowdhry and Rs 18.75 crore by Chandresh Dinesh Mehta all promoter selling share holders]. On post issue expanded equity the holding of promoter selling shareholders will decline to 87.68% from 93.82% pre issue equity capital. Of the net proceeds of fresh issue, the company plans to utilize Rs 341.6 crore towards repayment and prepayment, in full or part, of certain borrowings availed by the company and subsidiaries and balance amount will be utilized to fund acquisition of future real estate projects and general corporate purposes. Total financial indebtedness stood at Rs 1521.79 crore as on 15 October 2022. Keystone Realtors is one of the prominent real estate developers in Mumbai Metropolitan Region (MMR). As of 30 June 2022, the company had developed 20.22 million square feet (msf) area including infrastructure spread across 32 projects or 280 building and home to over 14,000 families. The company has 12 ongoing projects and 21 forthcoming projects across the MMR which includes a comprehensive range of projects under the affordable, mid and mass, aspirational, premium and super premium categories, all under the Rustomjee brand. The company reported a net profit of Rs 4.97 crore and net sales of Rs 168.56 crore in three months ended on 30 June 2022. Powered by Capital Market – Live News