The price band has been fixed at ₹ 514 to ₹ 541 per equity share of face value of ₹ 10 each of Keystone Realtors Limited (“Equity Shares”).
Bid/Offer Opening Date – November 14, 2022, Monday and Bid/Offer Closing Date – November 16, 2022, Wednesday
Ahmedabad, operating under the brand ‘Rustamji’ and one of the leading real estate developers in micro markets (in terms of number of units sold) Keystone Realtors Limited (the “Company”) will open its IPO on November 14, 2022.
The price band of the offer is fixed at ₹ 514 to ₹ 541 per equity share. Each of these equity shares has a face value of ₹ 10. Bids may be made for a minimum of 27 equity shares and thereafter in multiples of 27 equity shares.
The IPO involves an aggregate fresh issue of ₹ 5,600.00 million and an offer for sale by the selling shareholders of up to ₹ 750.00 million. The offer for sale involves sale of equity shares up to ₹ 375.00 million, up to ₹ 187.50 million by Percy Sorabji Chaudhary and up to ₹ 187.50 million by Chandresh Dinesh Mehta.
The Company intends to use the funds from the Fresh Issue for repayment/advance payment of certain loans taken by the Company and/or subsidiaries as well as for raising funds for future real estate projects and for general corporate purposes.
The Offer is made in terms of Rule 19(2)(b) of the SCRR read with Regulation 31 of the SEBI ICDR Regulations. The offer is made through a book building process in terms of regulation 6(1) of the SEBI ICDR Regulations, whereby a maximum of 50 per cent of the offer will be made available for allotment to qualified institutional buyers (“QIBs and shares of the type “QIB Shares”) on a proportionate basis,
Provided that, the Company and the Selling Shareholders may allot up to 60 per cent of the QIB Shares to an Anchor Investor (“Anchor Investor Share”) on a discretionary basis in discussion with the BRLMs, of which one-third shall be reserved for domestic mutual funds,
which is subject to receipt of valid bids from local mutual funds at or above the allotment price to anchor investors (“Allotment Price to Anchor Investor”). In case of under-subscription or non-allotment of Anchor Investor Shares the remaining Equity Shares will be added to QIB Shares (excluding Anchor Investor Shares) (“Net QIB Shares”).
Further, 5 per cent of the net QIB share will be made available for allocation to mutual funds only on a proportionate basis and the remaining share of the net QIB share will be made available for allocation on a proportionate basis to all QIB bidders including mutual funds, subject to receipt of valid bids at or above the offer price. is Although the total demand from mutual funds will be less than 5 percent of the net QIB share,
Then the remaining equity shares available for allocation to mutual funds will be added to the remaining net QIB share for pro rata allocation to QIBs. Also, a maximum of 15 percent of the offer will be made available for allotment to non-institutional bidders in accordance with SEBI ICDR regulations.
and (one-third of which shall be reserved for bidders with bids above ₹ 200,000 and up to ₹ 1 million and two-thirds for bidders with bids above ₹ 1 million) and a maximum of 35 per cent of the offer shall be made available for allotment to retail individual bidders,
which is subject to receipt of valid bids from them at or above the offer price. It is mandatory for all prospective bidders (other than anchor investors) to provide details of their respective ASBA accounts using Application Supported By Blocked Amount (“ASBA”) and UPI ID in case of UPI bidders using UPI system,
as applicable, in respect of which their respective bid amount will be blocked by Self Certified Syndicate Banks (“SCSBs”) or Sponsor Bank under the UPI system in proportion to the respective bid amount, as applicable a. Anchor investors are not allowed to participate in the offer through the ASBA process.
The equity shares offered through Red Herring Prospectus will be listed on BSE and NSE. The book running lead managers of the offer are – Axis Capital Limited and Credit Suisse Securities (India) Limited.