Keystone Realtors promoters to sell up to 3.63% stake via OFS; floor price set at Rs 550 per share

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26 Aug, 2025 12:21

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Promoters of Keystone Realtors Ltd, the real estate company behind the Rustomjee brand, will sell up to 3.63 percent stake through an offer for sale (OFS) to comply with the minimum public shareholding norms.

According to the notice filed with the stock exchanges, Keystone Realtors promoters Boman Rustom Irani, Percy Sorabji Chowdhry, and Chandresh Dinesh Mehta plan to offload up to 45.76 lakh equity shares of face value Rs 10 each. The OFS will open for non-retail investors on Wednesday, October 15, 2025 (T day), and for retail investors on Thursday, October 16, 2025 (T+1 day), during regular market hours.

The floor price has been set at Rs 550 per share, representing a discount of about 8.6 percent to Tuesday’s closing price of Rs 601.50 on the NSE. At this price, the total offer size is valued at around Rs 252 crore.

The sale is being conducted through a separate window of the BSE and NSE, with NSE designated as the lead exchange and NSE Clearing Ltd as the clearing corporation. Spark Institutional Equities Pvt Ltd, a subsidiary of Avendus Capital Pvt Ltd, and Motilal Oswal Financial Services Ltd have been appointed as the brokers for the promoters.

As per the OFS structure, a minimum of 10 percent of the shares will be reserved for retail investors, while at least 25 percent will be reserved for mutual funds and insurance companies, subject to valid bids. The shares will be allocated at or above the floor price on a price-priority basis.

The promoters have the right to withdraw or cancel the offer before opening or after bidding on the first day if sufficient demand is not received at or above the floor price.

Keystone Realtors shares have lost about 15 percent over the past year. The stock trades under the ticker RUSTOMJEE on the NSE and 543669 on the BSE. The company’s market capitalisation currently stands at around Rs 7,600 crore.

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