Keystone Realtors Limited has informed the Exchange about statement of deviation(s) or variation(s) under Reg. 32
RUSTOMJEE · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Awaiting price reaction for this filing.
Keystone Realtors (Rustomjee brand) has filed a quarterly statement confirming no deviation in the use of QIP proceeds raised in May 2024. The QIP raised Rs. 800 crore (net Rs. 782.72 crore after Rs. 17.28 crore in expenses) at Rs. 660 per share. Of the net proceeds, Rs. 490 crore earmarked for land acquisition, JVs and redevelopment is fully utilized. The Rs. 110 crore for loan repayment was fully used in earlier quarters. The Rs. 182.72 crore allocated for general corporate purposes has Rs. 62.58 crore still unutilized, parked in an Axis Bank fixed deposit (Rs. 80 crore earning 7.25%) and monitoring account balance of Rs. 1.27 crore. The Monitoring Agency (CARE Ratings) flagged that about Rs. 20 crore of QIP proceeds were routed from the monitoring account to the company's current account, causing some co-mingling of funds, and relied on a chartered accountant certificate for end-use verification.
This is largely a routine compliance filing confirming QIP funds are being used as stated at the time of raising, with no material deviation. The full deployment of the land acquisition tranche is a positive sign of execution, though the noted co-mingling of funds in current accounts is a minor governance point shareholders may want to track.