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New Delhi: Keystone RealtorsThe company, which sells assets under the ‘Rustomjee’ brand, on Friday said it has collected over Rs 190 crore from anchor investors, days ahead of its initial public offering (IPO). According to a circular uploaded on the BSE website, the company has decided to allot 35.21 lakh equity shares for Rs 541 to 16 anchor investors, taking the transaction size to Rs 190.5 crore.
Anchor Book saw participation from different types of investors.
Abu Dhabi Investment Authority, Morgan Stanley and Cent Capital took about 35 percent of the anchor investor share.
Domestic mutual funds like Aditya Birla Mutual Fund, IDFC Mutual Fund, Tata Mutual Fund And Quant Mutual Fund also participated in the anchor investor portion.
SBI Life Insurance and HDFC Life Insurance Company were also part of the anchor investors.
The Mumbai-based company is looking to raise Rs 635 crore through the IPO, which includes a fresh issue of equity shares up to Rs 560 crore and an offer-for-sale (OFS) by the promoters of up to Rs 75 crore.
The issue will open for public subscription on November 14 with a price band of Rs 514-541 per share and close on November 16.
As part of the OFS, promoter Boman Rustom Irani will now sell shares worth up to Rs 37.5 crore and shares worth Rs 18.75 crore will be sold by Percy Sorabji Chowdhury and Chandresh Dinesh Mehta.
The company intends to utilize the net proceeds for financing acquisitions of future real estate projects and general corporate purposes along with repayment/prepayment of borrowings of Rs 341.6 crore.
Half of the issue size is reserved for qualified institutional investors, 35 percent for retail investors and the remaining 15 percent for non-institutional investors. Investors can bid in a minimum of 27 equity shares and multiples thereof.
Established in 1995, Keystone Realtors has 32 completed projects, and 12 ongoing projects and 19 upcoming projects in the Mumbai Metropolitan Region (MMR), comprising projects under affordable, medium and large-scale, aspirational, premium and super premium categories. A wide range is included. , all under their Rustomjee brand.
The realty firm has developed 20.05 million sq ft of high value and affordable residential buildings, premium gated estates, townships, corporate parks, retail spaces, schools, prestigious landmarks and various other real estate projects by March 2022.
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