Keystone Realtors that sells properties under Rustomjee on Wednesday said that they have fixed a price band of Rs 514-541 a share for its initial public offering(IPO). The initial share-sale of the Rs 635-crore IPO will open for public subscription on November 14 and end on November 16. The bidding for anchor investors will open on November 11.
The size of the IPO has been reduced from Rs 850 crore to Rs 635 crore. The IPO will consist of fresh issues of equity aggregating up to Rs 560 crore and Offer-for-sale (OFS) worth Rs 75 crore by promoters. As part of the OFS, promoter Boman Rustom Irani will sell shares worth up to Rs 37.5 crore and stocks worth Rs 18.75 crore each that will be offloaded by Percy Sorabji Chowdhry and Chandresh Dinesh Mehta.
The net proceeds will be used for funding the repayment/prepayment of borrowings of Rs 341.6 crore and to fund the acquisition of future real estate projects and general corporate purposes.
Half of the issue size will be reserved for qualified institutional investors, 35 will be reserved for retail investors and the remaining 15 per cent will be reserved for non-institutional investors.
Investors will be allowed to bid for a maximum of 27 equity shares and its multiples thereof.
Keystone Realtors projects
Keystone Realtors was founded in 1995 and has completed 32 projects. With 12 ongoing projects and 19 forthcoming projects across Mumbai they have developed affordable, mid and mass, premium and super premium buildings.
It commands a market share of 28 per cent in Khar, 23 per cent market in Juhu, 11 per cent in Bandra East, 14 per cent in Virar, 5 per cent in Bhandup and 3 per cent in Thane in terms of absorption from 2017 to 2021.
The equity shares of the company will be listed on BSE and NSE on November 24.
With Inputs from PTI
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