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Keystone Realtors To Open IPO On November 14

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Equity shares to be offered under the IPO will come with a face value of Rs 10 each

Mumbai-based real estate player Keystone Realtors is launching its initial public offering (IPO) on November 14 and the offer will close on November 16.  The company has fixed the price band at Rs 514-541 per share and investors can bid for anchor portion on November 11, a day before the IPO. The equity shares to be offered under the IPO will come with a face value of Rs 10 each.

Keystone Realtors, which sells properties under the Rustomjee brand, is looking to raise Rs 635 crore from the IPO through fresh issuance of shares worth Rs 50 crore and an offer-for-sale of Rs 75 crore. About 50 per cent of the offer is reserved for qualified institutional buyers, 15 per cent for high-net-worth individuals and the rest 35 per cent for retail investors. The issue proceeds will primarily be used for repaying existing debts, buying real estate projects and other corporate purposes.

Keystone Realtors, which was incorporated in 1992, has completed 32 projects, developed 20.05 million square feet of real estate projects across various segments under Rustomjee brand, as of March 2022. The company has 12 ongoing projects and 19 forthcoming projects across the Mumbai Metropolitian Region (MMR) in its kitty.

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Bharti Airtel Allots 1.2% Equity Shares To Google For Rs 5,224 Cr

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The allotment is part of Google’s commitment to invest USD 1 billion with Airtel, which included equity investment in the company worth USD 700 million, about Rs 5,224 crore, Airtel said in a regulatory filing

Telecom operator Bharti Airtel on Thursday said it has allotted over 7.1 crore equity shares to internet major Google for Rs 734 apiece. The allotment is part of Google’s commitment to invest USD 1 billion with Airtel, which included equity investment in the company worth USD 700 million, about Rs 5,224 crore, Airtel said in a regulatory filing.

”The special committee of directors for preferential allotment of the company has at its meeting held today i.e, July 14, 2022, approved the allotment of 71,176,839 equity shares of the face value of Rs 5 each fully paid up, on a preferential basis to Google International LLC (Google) at an issue price of Rs 734 per equity share,” Airtel said. Google made the investment as part of its USD 10-billion India Digitization Fund.

Out of the total investment with Airtel, USD 300 million was earmarked for implementing commercial agreements, which include investments in scaling Airtel’s offerings that cover a range of devices to consumers via innovative affordability programmes as well as other offerings aimed at accelerating access and digital inclusion across India’s digital ecosystem. ”Google will hold approximately 1.2 per cent of the total post-issue equity shares of the company– approximately 1.17 per cent on a fully-diluted basis,” the filing said. Google has also invested Rs 33,737 crore (about USD 4.5 billion) to buy 7.73 per cent stake in Jio Platforms just a couple of days after it made an announcement about the India Digitization Fund.

(PTI)