Buyers can bid for no less than 27 fairness shares and in multiples thereof. (Representational)

New Delhi:

Keystone Realtors, which sells properties underneath the model ‘Rustomjee’, on Wednesday stated it has mounted a value band of Rs 514-541 a share for its Rs 635-crore preliminary public providing (IPO).

The preliminary share-sale will open for public subscription on November 14 and conclude on November 16. The bidding for anchor buyers will open on November 11, the corporate stated.

Based on the Crimson Herring Prospectus (RHP), the Mumbai-based firm now plans to lift Rs 635 crore. The dimensions of the IPO has been diminished from Rs 850 crore earlier.

The IPO consists of a contemporary challenge of fairness shares aggregating as much as Rs 560 crore and an Provide-For-Sale (OFS) price Rs 75 crore by promoters.

As part of the OFS, promoter Boman Rustom Irani will now promote shares price as much as Rs 37.5 crore and shares to the tune of Rs 18.75 crore every will likely be offloaded by Percy Sorabji Chowdhry and Chandresh Dinesh Mehta.

The corporate intends to utilise the online proceeds in direction of funding the reimbursement/prepayment of borrowings to the tune of Rs 341.6 crore in addition to in direction of funding the acquisition of future actual property tasks and basic company functions.

Half of the problem measurement has been reserved for certified institutional buyers, 35 for retail buyers and the remaining 15 per cent for non-institutional buyers.

Buyers can bid for no less than 27 fairness shares and in multiples thereof.

Based in 1995, Keystone Realtors had 32 accomplished tasks, 12 ongoing tasks and 19 forthcoming tasks throughout the Mumbai Metropolitan Area (MMR) that features a complete vary of tasks underneath the reasonably priced, mid and mass, aspirational, premium and tremendous premium classes, all underneath their Rustomjee model.

The realty agency has developed 20.05 million sq. toes of high-value and reasonably priced residential buildings, premium gated estates, townships, company parks, retail areas, faculties, iconic landmarks and numerous different actual property tasks as of March 2022.

The fairness shares of the corporate will likely be listed on each the bourses — BSE and NSE– on November 24.

(Aside from the headline, this story has not been edited by NDTV workers and is revealed from a syndicated feed.)

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