Keystone Realtors raises Rs 800 crore by selling shares to institutional investors

Realty firm Keystone Realtors Ltd has raised Rs 800 crore by selling shares to institutional investors, including Quant Mutual Fund and SBI Life Insurance. Mumbai-based Keystone Realtors, which sells its properties under Rustomjee brand, informed that the company has allotted 1,21,21,212 equity shares to eligible QIBs at an issue price of Rs 660 per share, totalling Rs 800 crore. 

The Qualified Institutional Placement (QIP) issue was opened on May 22 and closed on May 27, 2024, according to a regulatory filing late Monday.Quant Mutual Fund - Quant Small Cap Fund, SBI Life Insurance Company Ltd, Birla Sun Life Insurance Company Ltd, Ananta Capital Ventures Fund, SBI General Insurance Company Ltd, and ICICI Prudential Life Insurance Company Ltd participated in the QIP.

Recently, Keystone Realtors reported a 60 per cent fall in consolidated net profit to Rs 30.68 crore for the March 2024 quarter. Its net profit stood at Rs 76.59 crore in the year-ago period. Total income rose to Rs 826.15 crore in the fourth quarter of the last fiscal from Rs 357.63 crore in the corresponding period of the previous year. During the 2023-24 fiscal, the company's net profit rose to Rs 112.21 crore over Rs 81.95 crore in the preceding year. 

Total income grew to Rs 2,275.63 crore in the last fiscal compared to Rs 724.90 crore in the 2022-23 fiscal. Keystone Realtors is developing many luxury housing projects in the Mumbai Metropolitan Region (MMR). It is also into the redevelopment of housing societies.