Trilegal advises Keystone Realtors on USD76.3m IPO

Trilegal advises Keystone Realtors

Trilegal has advised Keystone Realtors, promoters of Mumbai-based real estate business Rustomjee, on its INR6.3 billion (USD76.3 million) IPO.

The share offering, which opened on 14 November and closed on 16 November, was oversubscribed two times, with significant participation from high net-worth individuals. New shares worth INR5.6 billion were issued.

Trilegal partner Richa Choudhary led the IPO deal team, supported by senior associates, Avanti Kale and Maitreya Rajurkar, along with associates Aman Bahl, Aayush Khandelwal, and Shivayana Balodia.

Partner Mridul Kumbalath led the Trilegal team advising on the real estate aspects of the IPO. Counsels Arnav Nagalia and Sadaf Shaikh, senior associate Dilnaz Bapasola, senior consultant Ganashruthi MU, associates Sharul Jain and Yunus Nawab, and consultant Veena Vasudevan also assisted the team.

Proceeds from the fresh share issue will be used to repay loans, fund future real estate projects and “general corporate purposes”, the IPO announcement said.

The company has entered into joint development agreements and arrangements as well as redevelopment accords with third parties to acquire land development or redevelopment rights, which may entail certain risks, said the red herring prospectus.

Marquee investors, such as the Abu Dhabi Investment Authority, Morgan Stanley and SBI Life Insurance, were among those that had anchored the IPO.

“As of 31 March 2022, it had 32 completed projects, 12 ongoing projects and 19 forthcoming projects across the Mumbai metropolitan region that include a comprehensive range of projects under the affordable, mid- and mass, aspirational, premium and super premium categories, all under its Rustomjee brand,” said a report by India Infoline’s research arm.