News
Keystone Realtors files DRHP with Sebi


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”).
Founded in 1995, the company had 32 completed projects, 12 ongoing projects and 19 forthcoming projects across the Mumbai Metropolitan Region (“MMR”) that includes a comprehensive range of projects under the affordable, mid and mass, aspirational, premium and super premium categories, all under their Rustomjee brand. A press release issued by the company says that, as of March 31, 2022, they have developed 20.05 million square feet of high-value and affordable residential buildings, premium gated estates, townships, corporate parks, retail spaces, schools, iconic landmarks and various other real estate projects.
The Company plans to raise funds through an initial public offering of equity shares (face value Rs. 10 each) of up to ₹ 8,500 million. The offer consists of fresh issue of equity shares aggregating up to ₹ 7,000 million, (The “Fresh Issue”) and an offer for sale aggregating up to ₹ 1,500 million by Promoter Selling Shareholders (The “Offer for Sale”).
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.
The offer for sale comprises equity shares up to ₹ 750 million by Boman Rustom Irani; up to ₹ 375 million by Percy Sorabji Chowdhry and up to ₹ 375 million by Chandresh Dinesh Mehta (“Promoter Selling Shareholder”).
Axis Capital Limited, and Credit Suisse Securities (India) Private Ltd are the Book Running Lead Managers.
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