Keystone Realtors Launches QIP; Floor Price at 6.50% Discount

Keystone Realtors on Tuesday, May 21 said its board of directors has approved the fund-raising through qualified institutional placement. According to media reports, the company is planning to raise 1,000 crore rupees via the issue.

Key Takeaways from Keystone Realtors’ QIP:

• Keystone Realtors’ board of directors approved fund-raising through qualified institutional placement.
• The issue floor price has been fixed at Rs 682.51 per equity share. 
• The company is planning to raise 1,000 crore rupees via the issue, according to media reports.

The real-estate developer has fixed the issue floor price at Rs 682.51 per equity share. Shares of the company closed at Rs 730.45 on Wednesday, indicating a discount of 6.5%. 

Shares of the company were trading over 1% lower on Thursday noon. The company stated it may, at its discretion, offer a discount of not more than 5% on the floor price calculated for the QIP.

Meanwhile, during Q4 FY24, the firm reported a 50% decline in its consolidated net profit at 32.8 crore rupees. Sequentially, revenue from operations declined 56% to 811.6 crore rupees during the quarter. Earnings before interest, tax, depreciation, and amortisation fell 39.47% to 66.7 crore rupees while EBITDA margin fell to 8.1% during the quarter as compared to 30.8% in the same period of the previous fiscal.

About Keystone Realtor Limited:

Keystone Realtor Limited was established in 1995. It is one of the prominent MMR-based real estate developers and a leader in the redevelopment space. The company has a substantial portfolio with 34 Completed Developments, 13 Ongoing Developments and 28 Forthcoming Developments. So far, the company has delivered over 25 million square feet, with a pipeline of over 42 million square feet of developable area in the works.

Read More About Keystone Realtors Limited Share Price Here!