Keystone Realtors Raises Rs 800 Cr Via QIP; Issues Shares to Morgan Stanley India

Keystone Realtors also known as Rustomjee, has raised Rs 800 crore by selling shares to eligible institutional investors. The QIP issue launched by the real estate developer last week closed on Monday.

Key Takeaways from Keystone Realtors QIP:

• Keystone Realtors raised Rs 800 crore by selling shares to eligible institutional investors.
• Quant MF, SBI Life Insurance, and SBI General Insurance were issued more than 5% shares of the QIP.
• The Abu Dhabi Investment Authority, Morgan Stanley India, and Quantum-State Investment Fund were also issued shares through the QIP.

Quant MF, SBI Life Insurance, and SBI General Insurance were among the companies that issued more than 5% shares of the QIP. The Abu Dhabi Investment Authority, Morgan Stanley India, and Quantum-State Investment Fund were other institutions that have also been issued shares through the QIP.

Keystone approved the issue of 1.21 crore equity shares of the company as part of the QIP, at Rs 660 per share, a 7.7% discount from Monday's closing price.

About Keystone Realtors Limited:

Keystone Realtors Limited also known by its brand name Rustomjee, was established in 1995. It is a prominent MMR-based real estate developer 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!