Keystone Realtors Limited has informed the Exchange about statement of deviation(s) or variation(s) under Reg. 32
RUSTOMJEE · price
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Keystone Realtors (Rustomjee brand) has filed a quarterly statement confirming there is no deviation in the use of proceeds from the objects stated in its Placement Document for the quarter ended June 30, 2025. The company had raised Rs. 800 crore (net proceeds of Rs. 782.72 crore after Rs. 17.28 crore in QIP expenses) via a Qualified Institutional Placement in May 2024 at Rs. 660 per share, issuing 1.21 crore equity shares. All net proceeds have now been fully deployed: Rs. 490 crore for land acquisition, JDA/JV costs, redevelopment, and statutory approvals; Rs. 110 crore for repayment/prepayment of borrowings; and Rs. 182.72 crore for general corporate purposes. During the current quarter, Rs. 62.58 crore of GCP funds were utilised, primarily towards landowner payments (Rs. 61.16 crore) and vendor payments (Rs. 1.42 crore). CARE Ratings, the appointed Monitoring Agency, has confirmed that all utilisation is as per the offer document with no deviations, no delays, and no changes in financing means.
This is a routine regulatory compliance filing confirming that QIP funds have been fully and properly utilised as promised, with no red flags. It is a neutral-to-slightly-positive signal for shareholders, reinforcing capital discipline and management accountability on deployment of the Rs. 800 crore raised in 2024.