13 Jun , 2022 By : Kanchan Joshi
Keystone Realtors Limited, a real estate developer which operates under the brand ‘Rustomjee’, has filed its Draft Red Herring Prospectus (DRHP) with market regulator Securities and Exchange Board of India (SEBI) to raise funds through initial share sale.
The company plans to raise funds through an initial public offering (IPO) of equity shares of up to Rs850 crore. The offer consists of fresh issue of equity shares aggregating up to Rs7,00 crore, and an offer for sale (OFS) aggregating up to Rs150 crore by promoter selling shareholders Boman Rustom Irani, Percy Sorabji Chowdhry and by Chandresh Dinesh Mehta.
The company proposes to utilize the net proceeds towards repayment/ prepayment, in full or part, of certain borrowings availed by the company and/or certain of their subsidiaries; and funding acquisition of future real estate projects and general corporate purposes, as per its DRHP.
The offer for sale comprises equity shares up to Rs75 crore by Boman Rustom Irani, up to Rs37.5 core by Percy Sorabji Chowdhry and up to Rs37.5 crore by Chandresh Dinesh Mehta. Axis Capital Limited, and Credit Suisse Securities (India) Private Ltd are the Book Running Lead Managers.
Keystone Realtors is one of the prominent real estate developers. As of March 31, 2022, they had 32 completed projects, 12 ongoing projects and 19 forthcoming Projects across the Mumbai Metropolitan Region (MMR), all under their Rustomjee brand.
As of March 31, 2022, they have developed 20.05 million square feet of residential buildings, premium gated estates, townships, corporate parks, retail spaces, schools, iconic landmarks and various other real estate projects.