·      Price Band fixed at ₹ 514 to ₹ 541 per equity share of face value of ₹ 10 each of Keystone Realtors Limited (“Equity Shares”)

·      Bid /Offer Opening Date – Monday, November 14, 2022 and Bid/ Offer Closing Date – Wednesday, November 16, 2022

MUMBAI, NOVEMBER 09, 2022 (GPN):  Keystone Realtors Limited (the “Company”), which operates under the brand ‘Rustomjee’ and is one of the prominent real estate developers (in terms of absorption in number of units) in the micro markets that it is present in, will open its initial public offering on November 14, 2022.

The Price Band of the offer has been fixed at ₹ 514 to ₹ 541 per Equity Share of face value ₹ 10 each. Bids can be made for a minimum of 27 Equity Shares and in multiples of 27 equity shares thereafter.

The initial public offering comprises a Fresh Issue aggregating up to ₹ 5,600.00 million and an Offer for Sale of up to ₹ 750.00 million by the Selling Shareholders comprising up to ₹ 375.00 million by Boman Rustom Irani, up to ₹ 187.50 million by Percy Sorabji Chowdhry and up to ₹ 187.50 million by Chandresh Dinesh Mehta.

The Company intends to use the proceeds of the fresh issue for repayment/ prepayment, in full or part, of certain borrowings availed by the Company and/or certain of the subsidiaries; and funding acquisition of future real estate projects, and general corporate purposes.

This is an Offer in terms of Rule 19(2)(b) of the SCRR, read with Regulation 31 of the SEBI ICDR Regulations. The Offer is being made through the Book Building Process in terms of Regulation 6 (1) of the SEBI ICDR Regulations, wherein not more than 50% of the Offer shall be available for allocation on a proportionate basis to Qualified Institutional Buyers (“QIBs and such portion, the “QIB Portion”), provided that our Company and the Selling Shareholders, in consultation with the BRLMs, may allocate up to 60% of the QIB Portion to Anchor Investors on a discretionary basis (“Anchor Investor Portion”), out of which one-third shall be reserved for domestic Mutual Funds only, subject to valid Bids being received from domestic Mutual Funds at or above the price at which allocation is made to Anchor Investors (“Anchor Investor Allocation Price”), in accordance with the SEBI ICDR Regulations. In the event of under-subscription, or non-allocation in the Anchor Investor Portion, the balance Equity Shares shall be added to the QIB Portion (excluding the Anchor Investor Portion) (“Net QIB Portion”). Further, 5% of the Net QIB Portion shall be available for allocation on a proportionate basis to Mutual Funds only, and the remainder of the Net QIB Portion shall be available for allocation on a proportionate basis to all QIB Bidders, including Mutual Funds, subject to valid Bids being received from them at or above the Offer Price. However, if the aggregate demand from Mutual Funds is less than 5% of the Net QIB Portion, the balance Equity Shares available for allocation in the Mutual Fund Portion will be added to the remaining Net QIB Portion for proportionate allocation to QIBs. Further, not less than 15% of the Offer shall be available for allocation to Non-Institutional Bidders and (out of which one third shall be reserved for Bidders with Bids exceeding ₹ 200,000 up to ₹ 1 million and two-thirds shall be reserved for Bidders with Bids exceeding ₹ 1 million) and not less than 35% of the Offer shall be available for allocation to Retail Individual Bidders in accordance with the SEBI ICDR Regulations, subject to valid Bids being received from them at or above the Offer Price. All potential Bidders (except Anchor Investors) are mandatorily required to utilize the Application Supported by Blocked Amount (“ASBA”) process by providing details of their respective ASBA accounts and UPI ID in case of UPI Bidders using the UPI Mechanism, as applicable, pursuant to which their corresponding

Bid Amount will be blocked by the Self Certified Syndicate Banks (“SCSBs”) or by the Sponsor Bank under the UPI Mechanism, as the case may be, to the extent of the respective Bid Amounts. Anchor Investors are not permitted to participate in the Offer through the ASBA Process.

The Equity Shares offered through Red Herring Prospectus are proposed to be listed on BSE and NSE on 24 November.

Axis Capital Limited and Credit Suisse Securities (India) Private Limited are the Book Running Lead Managers While Link Intime India is the Registrar of the IPO.

Founded in 1995, Keystone Realtors is one of the prominent real estate developers. As of March 31, 2022, they had 32 completed projects, 12 ongoing projects and 19 forthcoming Projects across the Mumbai Metropolitan Region (MMR), that includes a comprehensive range of projects under the affordable, mid and mass, aspirational, premium and super premium categories, all under their Rustomjee Brand.

As of March 31, 2022, they have developed 20.05 million square feet of residential buildings, premium gated estates, townships, corporate parks, retail spaces, schools, iconic landmarks and various other real estate projects. It reported a profit of ₹135.8 crore and a revenue of ₹1,269 crore in FY22 as compared ₹848.7 crore in FY21.

Ends

The RHP shall be available on the website of SEBI at www.sebi.gov.in, as well as on the websites of the Stock Exchanges i.e. BSE and NSE at www.bseindia.com and www.nseindia.com, respectively, and is available on the websites of the BRLMs, i.e. Axis Capital Limited and Credit Suisse Securities (India) Private Limited at www.axiscapital.co.in and https://www.credit-suisse.com/in/en/investment-banking-apac/investment-bankingin-india/ipo.html, respectively.