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Mumbai-based Keystone Realtors plans to raise ₹1,000 crore via QIP at a floor price of ₹682.51 per share, 6.4% lower than Wednesday's closing. The company aims to dominate Mumbai's redevelopment sector, with 22 projects and a potential ₹35,000 crore GDV.
Mumbai-based real estate developer Keystone Realtors, renowned under the brand Rustomjee, is set to raise funds through a Qualified Institutional Placement (QIP), aiming to strengthen its operations and projects.
Keystone Realtors aims to raise ₹1,000 crore through a QIP, with a base size of ₹800 crore and a green shoe option of up to ₹200 crore. The floor price for the QIP is set at ₹682.51 per share, marking a 6.4% discount to the closing price on the preceding Wednesday.
The QIP is expected to result in a nearly 10.6% equity dilution. As of the March quarter, promoters held an 86.7% stake, which would decrease to 76.1% post-dilution.
Additional Read: What are Equity Shares?
For the fiscal year 2024, Keystone Realtors reported pre-sales of ₹2,266 crore, marking a 41% growth from the previous year. Collections grew by 18% to ₹2,203 crore. The company's net debt stood at ₹359 crore, with a net debt-to-equity ratio of 0.2x.
Rustomjee Group intends to construct homes in the ₹1-7 crore range, primarily targeting Mumbai's redevelopment segment. The company plans to maintain its focus within the Mumbai Metropolitan Region (MMR), with no immediate plans for expansion beyond this area.
Additional Read: What are Options
Keystone Realtors has a robust project pipeline comprising 22 projects with a potential 37 million sq ft of saleable area, translating to a gross development value (GDV) of ₹35,000 crore.
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