Keystone Realtors Ltd, which operates under the brand ‘Rustomjee,’ said its ₹635-crore initial public offering (IPO) will open on November 14 with a price band of ₹ 514 to ₹ 541 per equity share of face value ₹10 each.
Bids can be made for a minimum of 27 shares and in multiples of 27 shares thereafter. The IPO comprises fresh issue of ₹560 crore and an offer for sale of up to ₹ 75 crore by the selling shareholders comprising up to ₹ 37.50 crore by Boman Rustom Irani, up to ₹ 18.75 crore by Percy Sorabji Chowdhry and up to ₹ 18.75 crore by Chandresh Dinesh Mehta.
The company intends to use the proceeds of the fresh issue for repayment/ prepayment, in full or part, of certain borrowings availed by it and/or certain of the subsidiaries; and funding acquisition of future real estate projects, and general corporate purposes.
The company is a key player in the real estate market of Mumbai Metropolitan Region (MMR) especially in the Mumbai market. It operates an asset light model.
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