Keystone Realtors Raises Rs 800 Crore Through QIP

Keystone Realtors Limited, popularly known by the brand name of Rustomjee is one of the prominent real estate developers. The company is engaged primarily in the business of real estate construction, development, and other related activities in India. The real estate developer has raised Rs.800 crore through the QIP method.

Keystone Realtors Raises Rs.800 Crores:

Keystone Realtors Ltd. successfully raised Rs 800 crore through a qualified institutional placement (QIP), as reported in a recent exchange filing. Following this fundraising effort, the company’s paid-up equity share capital increased from Rs.113.9 crore to Rs.126 crore. This capital infusion was achieved by issuing 1.21 crore equity shares, each with a face value of Rs 10, to qualified institutional buyers. These shares were priced at Rs 660 each, reflecting a discount of Rs 22.1 per share compared to the floor price of Rs 682.51. This strategic move underscores Keystone Realtors’ commitment to enhancing its financial stability and funding future growth initiatives in the real estate sector.

Participants in The Issue

The issue, which opened on May 22, concluded on Monday. Among the top qualified institutional buyers participating in the QIP were Quant Mutual Fund, SBI Life Insurance Co., and Birla Sun Life Insurance Co. These prominent investors played a significant role in the successful completion of Keystone Realtors Ltd.’s fundraising initiative.

List of Allottees who have been allotted more than 5% of total equity shares issued in the Issue:

Conclusion: Keystone Realtors Ltd.’s successful Rs 800 crore fundraising through a qualified institutional placement has attracted a substantial amount of investments from leading financial institutions like Quant Mutual Fund, SBI Life Insurance Co., and Birla Sun Life Insurance Co., this funding will boost its financial foundation for future growth. The stock currently trades at Rs.695.50 a piece.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.