Keystone Realtors, which sells properties under the brand ‘Rustomjee’, on Wednesday said it has fixed a price band of Rs 514-541 a share for its Rs 635-crore initial public offering (IPO).
The initial share-sale will open for public subscription on November 14 and conclude on November 16. The bidding for anchor investors will open on November 11, the company said.
According to the Red Herring Prospectus (RHP), the Mumbai-based company now plans to raise Rs 635 crore. The size of the IPO has been reduced from Rs 850 crore earlier.
The IPO consists of a fresh issue of equity shares aggregating up to Rs 560 crore and an Offer-For-Sale (OFS) worth Rs 75 crore by promoters.
As a part of the OFS, promoter Boman Rustom Irani will now sell shares worth up to Rs 37.5 crore and stocks to the tune of Rs 18.75 crore each will be offloaded by Percy Sorabji Chowdhry and Chandresh Dinesh Mehta.
The company intends to utilise the net proceeds towards funding the repayment/prepayment of borrowings
| Subscribe To Our Free Newsletter |
