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Keystone Realtors raises Rs.191-Cr from anchor investors

Economic Times  

Keystone Realtors, which sells properties under the brand 'Rustomjee', has raised a little over INR 191 crore from anchor investors. The company would allot 35.21 lakh equity shares to 16 anchor investors at INR 541 apiece, taking the transaction size to INR 190.5 crore. Abu Dhabi Investment Authority, Morgan Stanley and Saint Capital accounted for nearly 35% of the anchor investor portion. 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 too were anchor investors in the issue. The Mumbai-based company is looking to raise INR 635 crore through the IPO, which consists of a fresh issue of equity shares aggregating up to INR 560 crore and an Offer-For-Sale (OFS) worth INR 75 crore by promoters. The issue, with a price band of INR 514-541 a share will open for public subscription on November 14 and conclude on November 16. As part of the OFS, promoter Boman Rustom Irani will sell shares worth up to INR 37.5 crore. Half of the issue size has been reserved for qualified institutional investors, 5% for retail investors and the remaining 15% for non-institutional investors. Keystone Realtors has 32 completed projects, and has 12 ongoing projects and 19 forthcoming projects across the Mumbai Metropolitan Region (MMR). The funds will be used for the repayment/prepayment of borrowings to the tune of INR 341.6 crore as well as towards funding the acquisition of future real estate projects.