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Total Issue Size
Fresh Issue + Offer For Sale
Fresh Issue (FI)
Proceeds go to the company
Offer For Sale (OFS)
Proceeds go to the existing investors
Repayment and prepayment of borrowings
A significant portion of the fresh issue proceeds was used to repay or prepay existing debt on the company's books.
Funding future project acquisitions
Part of the proceeds was earmarked to fund the acquisition of additional real estate projects.
General corporate purposes
The remaining balance of the fresh issue proceeds, after issue related expenses, is to be used for general corporate purposes.
(₹ in Crore)
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Keystone Realtors Limited, incorporated in 1995, is a real estate developer operating in the Mumbai Metropolitan Region under its well known 'Rustomjee' brand. As of mid 2022 the company had 32 completed projects, 12 ongoing projects and 21 forthcoming projects spread across the region, with a further pipeline of roughly 35 million square feet of saleable area being explored in and around Mumbai. The company has built a leading position in several of its core micro markets, with meaningful shares of units absorbed in localities such as Khar, Juhu, Bandra East, Virar, Thane and Bhandup. Its business spans residential and commercial construction and development, along with the associated planning, execution and sale of these projects. The company's shares were offered through a combination of a fresh issue and an offer for sale. A large part of the fresh proceeds was directed toward repaying or prepaying existing borrowings, with the remainder earmarked for funding new project acquisitions and general corporate purposes. The stock listed on the NSE and BSE in November 2022, and the company is led by promoters Boman Rustom Irani, Percy Sorabji Chowdhry and Chandresh Dinesh Mehta, with its registered office in Andheri East, Mumbai.
The company raised approximately Rs 190.5 crore from 16 anchor investors at the Rs 541 issue price, ahead of the public offer. Participants in the anchor round included global and domestic institutions such as the Abu Dhabi Investment Authority, Morgan Stanley, Aditya Birla Sun Life, SBI Life Insurance, IDFC Mutual Fund, Tata Mutual Fund and HDFC Life.
Source: RHP • Analysis provided for informational purposes
Last Updated: 18 July 2026, 5:30 AM
Established regional brand
The company operates under the well recognized 'Rustomjee' name, built up over more than two decades of residential and commercial development in the Mumbai region.
Leading position in core micro markets
The company holds a meaningful share of units sold in several of its key operating localities, reflecting a strong competitive position built over many completed projects.
Sizeable future development pipeline
Beyond its current completed and ongoing projects, the company was evaluating tens of millions of square feet of additional saleable area in and around Mumbai, supporting future growth.
Inconsistent financial performance
Revenue and profit have fluctuated across recent years rather than showing a steady trend, reflecting the lumpy, project completion driven nature of real estate accounting.
Full valuation at the offer price
Several analysts viewed the issue as priced richly relative to the company's reported earnings at the time of the offer.
No dividend track record
The company had not paid dividends in the periods covered by the offer document, and any future payout would depend on its financial performance and discretion after listing.
Keystone Realtors Limited
702 Natraj, M.V. Road Junction, Western Express Highway, Andheri (East), Mumbai - 400069
View on Maps →MUFG Intime India Private Limited
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