- Rustomjee group’s managing director Boman Irani says they will focus on the residential segment in the Mumbai Metropolitan Region only.
- Bid /Offer Opening on Monday, November 14, 2022 and Closing on Wednesday, November 16, 2022
- The company will offer equity shares to anchor investors on Friday, November 11.
NE BUSINESS BUREAU
AHMEDABAD, NOV 10
The Mumbai-based real estate developer, Keystone Realtors, which sells properties under the brand ‘Rustomjee’, has fixed a price band of ₹514-541 a share for its ₹635-crore initial public offering (IPO).
Keystone Realty will be launching its issue next week on Monday, November 14, 2022 and investors will be allowed to subscribe till Wednesday, November 16. The company will offer equity shares to anchor investors on Friday, November 11.
Bids can be made for a minimum of 27 Equity Shares and in multiples of 27 equity shares thereafter.
The initial public offering comprises a Fresh Issue aggregating up to ₹ 5,600.00 million and an Offer for Sale of up to ₹ 750.00 million by the Selling Shareholders comprising up to ₹ 375.00 million by Boman Rustom Irani, up to ₹ 187.50 million by Percy Sorabji Chowdhry and up to ₹ 187.50 million 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 the Company and/or certain of the subsidiaries; and funding acquisition of future real estate projects, and general corporate purposes.
Boman Irani, managing director of Rustomjee Group said that it would continue to be a Mumbai and Mumbai Metropolitan Region (MMR)-centric real estate developer with residential projects being the focus.
Irani said 70 percent of the company’s future supply will be in the Rs 1-7 crore segment. “We are growing our strength in Thane. In Mumbai, we will not spread everywhere but stay in areas where we are strong and continue to study markets in MMR,” Irani said.
Asked whether Rustomjee has plans to make foray into Vibrant Gujarat, Irani said there were no such plans at the moment.
“We are exploring infrastructure, but we have no plans to step out of residential right now. Commercial and social commercial segment we will continue to do, but our focus remains the residential segment. We will continue with redevelopment, joint venture models in MMR only,” Irani added.
The table below provides details of our total available inventory and unsold inventory in the MMR for our Completed and Ongoing Projects as of June 30, 2022:
| Category | Total Available Units for Sale | Total Units Unsold | Percentage of Total Available Units (%) |
| Completed Projects (A) | 13,176 | 114 | 0.87% |
| Ongoing Projects (B) | 4,627 | 1,748 | 37.78% |
| Total (A+B) | 17,803 | 1,862 | 10.46% |
For the fiscal years 2020, 2021 and 2022, residential projects contributed 92.27 percent, 95.98 percent, 96.42 percent and 74.58 percent, respectively, to its revenue from operations.
The Equity Shares offered through Red Herring Prospectus are proposed to be listed on BSE and NSE.
Axis Capital Limited and Credit Suisse Securities (India) Private Limited are the Book Running Lead Managers.
