Rustomjee group firm Keystores Realtors decided to file IPO papers of Rs. 850 crore

According to DRHP, the IPO consists of a fresh issue of equity shares aggregating up to Rs. 700 crores and OFS worth Rs. 150 crores by promoters.

New Delhi: According to the draft red herring prospectus, Rustomjee group company Keystone Realtors decided to file preliminary papers with SEBI to raise Rs. 850 crores via an initial public offering. The initial public offering consists of a fresh issue of equity shares aggregating up to Rs. 700 crores and OFS worth Rs. 150 crores by promoters.

The offer-for-sale contains the sale of equity shares worth up to Rs. 75 crores by Boman Rustom Irani. The OFS also comprises stocks to the tune of Rs. 37.5 crore each by Percy Sorabji Chowdhry and Chandresh Dinesh Mehta.

The company proposed to utilize the net proceeds for the payment of a debt, general corporate purposes and funding acquisitin of future real estate projects.

Book running lead managers of the issue are Axis Capital and Credit Suisse Securities Pvt Ltd.

Up to March 2022, Keystone Realtors had 32 completed projects, 19 forthcoming projects and  12 ongoing projects across the Mumbai Metropolitan Region (MMR) that contains a comprehensive range of projects under the affordable, mid and mass, aspirational, premium and super-premium categories.

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