Mumbai-based Keystone Realtors, which operates under the brand Rustomjee, is planning to utilize the net proceeds towards repayment or prepayment, in full or part, of certain borrowings availed by the company and subsidiaries, and funding acquisition of future real estate projects apart from general corporate purposes.
The offer for sale comprises equity shares of up to Rs 75 crore by Boman Rustom Irani, up to Rs 37.5 crore by Percy Sorabji Chowdhry and up to Rs 37.5 crore by Chandresh Dinesh Mehta.
The company has reported a consolidated net profit of Rs 231.82 crore during the financial year 2020-21 as against Rs 14.49 crore a year ago. Consolidated revenue for the year was Rs 848.72 crore during the year as against Rs 1,211.48 crore in 2019-20. Total debt for the year stood at Rs 1,263 crore.
For the nine months ending December, the company has reported a net profit of Rs 95.82 crore on the back of revenue of Rs 1,035 crore, while debt stood at Rs 1,434 crore.
As of March 31, 2022, the developer had 32 completed projects, 12 ongoing projects and 19 forthcoming projects across the Mumbai Metropolitan Region (MMR) including affordable, mid and mass, aspirational, premium and super-premium segments, all under the Rustomjee brand.
The developer has developed 20.05 million sq ft of high-value and affordable residential buildings, premium gated estates, townships, corporate parks, retail spaces, schools, iconic landmarks and various other real estate projects as of March-end.
Limited, and Credit Suisse Securities (India) Private are the book-running lead managers.
The robust property sales momentum across the country is helping all the state governments fetch higher revenues through collections of stamp duty charges on the registration of real estate transactions.
Mumbai, the country’s largest and most expensive real estate market, has been setting new benchmarks with high-profile property transactions lately after the Maharashtra government announced a limited-window stamp duty reduction.
The significant but limited-period stamp duty reduction window that ended on March 31, 2021, was a catalyst for the city’s residential market. While stamp duty rebates are not available now, the deals have continued to flow in. Property registration in Mumbai maintained its record-breaking speed in May despite increased ready reckoner, stamp duty, and the turn of the interest rate cycle.
