Keystone Realtors Raises Rs 800 Crore In QIP Led By Quant Mutual Fund, SBI Life

Keystone Realtors Ltd. has raised Rs 800 crore via qualified institutional placement. After the fundraise, the company's paid-up equity share capital rose to Rs 126 crore from Rs 113.9 crore before the QIP, according to an exchange filing.

The real-estate developer has issued 1.21 crore equity shares with a face value of Rs 10 each at a price of Rs 660 apiece to qualified institutional buyers. This takes into account a discount of Rs 22.1 apiece against the floor price of Rs 682.51 per share.

The issue had opened on May 22 and concluded on Monday. Quant Mutual Fund, SBI Life Insurance Co. and Birla Sun Life Insurance Co. were the top qualified institutional buyers participating in the QIP, according to the filing.