Keystone Realtors Promoters To Offload Stake Worth Rs 252 Crore

Keystone Realtors Ltd. promoters are looking to offload stake worth Rs 252 crore through offer for sale on Wednesday, the company said in an exchange filing. The promoters will together divest 3.63% stake in the realtor.

The promoters Boman Rustom Irani, Chandresh Dinesh Mehta, and Percy Chowdhry will be selling 45.76 lakh shares in the offer for sale. The floor price for the sale has been set at Rs 550 per share, representing a discount of 10.2% from the last closing price of Rs 612.45 per share on the NSE.

Boman Rustom Irani as of June held 37.99% stake while Chandresh Dinesh Mehta was holding 18.97% stake and Percy Sorabji Chowdhry held 18.99% stake of Keystone Realtors.

Keystone Realtors saw a 9% rise in its sales bookings to Rs 763 crore during the second quarter of this financial year. The realty firm attributed the increase to better demand for its properties.

In the year-ago period, the company's sales bookings or pre-sales stood at Rs 763 crore.

Sales bookings in the first six months of this fiscal rose 40% to Rs 1,831 crore compared to Rs 1,311 crore in the corresponding period of the preceding year.

Mumbai-based Keystone Realtors, which sells properties under the Rustomjee brand, is one of the leading real estate developers in the country.

The business update was shared after market hours. The stock settled 0.02% higher at Rs 612.45 apiece on the NSE, compared to a 0.32% decline in the benchmark Nifty 50. The shares earlier during the day rose as much as 2.08% to Rs 625.05 per share.

Keystone Realtors' shares have fallen 13.90% in the last 12 months and 9.19% year-to-date.

All three analysts tracking the company maintain a 'buy' rating according to Bloomberg data. The average 12-month consensus price target of Rs 866.67 implies an upside of 41.5%.