Keystone Realtors' Rs 635-crore IPO to open on Nov 14

The initial public offering of Mumbai-based realty developer Keystone Realtors will open for public subscription on November 14. The ₹635 crore IPO from the Rustomjee Group company includes a fresh issue of ₹560 crore and an offer of sale (OFS) of ₹75 crore. The price band of the offer has been fixed at ₹514 to ₹541 per share.

Bids can be made for a minimum of 27 shares and in multiples of 27 shares thereafter. The company intends to use the proceeds of the fresh issue for repayment, in full or part, of certain borrowings of the company and certain of the subsidiaries and funding acquisition of future real estate projects. Axis Capital and Credit Suisse Securities are the bankers to the issue.