Khaitan & Co Advised Book Running Lead Managers In Keystone Realtors' ₹8,000 Million QIP

Khaitan & Co Advised Book Running Lead Managers In Keystone Realtors' ₹8,000 Million QIP

Khaitan & Co acted as legal counsel as to the Book Running Lead Managers in the QIP of Keystone Realtors Limited.

Keystone Realtors Limited, a leading real estate developer in the Mumbai Metropolitan Area, recently announced the successful completion of its QIP, raising a substantial sum of INR 8,000 million. The company boasts a diverse portfolio encompassing projects across various segments, including super premium, premium, aspirational, and affordable categories, all under the esteemed brand Rustomjee.

The QIP, first approved by the board of directors on January 30, 2024, opened for subscription on May 22, 2024, and concluded on May 27, 2024. Under this offering, over 1.21 crore equity shares were allotted to qualified institutional buyers (QIBs) at an issue price of ₹660 per equity share.

Quant Mutual Fund emerged as the largest allottee, receiving over 27.7 lakh shares, followed by SBI Life Insurance, Birla Sun Life Insurance, and Ananta Capital Ventures Fund 1, among others. Notably, a diverse array of QIBs, including Abu Dhabi Investment Authority, Bajaj Allianz Life Insurance, Bandhan Mutual Fund, and Morgan Stanley India Investment Fund, participated in the placement, with a total of 17 QIBs being allotted shares under Keystone Realtor’s issue.

Khaitan & Co team advising the Book Running Lead Managers included Subhayu Sen (Partner), Aparna Bagree (Principal Associate), Johann Valladares (Senior Associate), and Shreya Iyer (Associate).

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