Monitoring Agency Report for the Quarter ended on June 30, 2025
RUSTOMJEE · price
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Awaiting price reaction for this filing.
Keystone Realtors (Rustomjee) has filed the Monitoring Agency Report for the quarter ended June 30, 2025, confirming that all Rs. 782.72 crore of net QIP proceeds (raised in May 2024 at Rs. 660 per share, total issue size Rs. 800 crore) have been fully utilised with no deviation from the stated objects. CARE Ratings, acting as Monitoring Agency, verified that Rs. 490 crore earmarked for land acquisition and joint development/joint venture costs and Rs. 110 crore for debt repayment were already deployed in prior quarters. The remaining Rs. 182.72 crore allocated for general corporate purposes was also fully utilised, with Rs. 62.58 crore deployed during Q1 FY26 – mostly Rs. 61.16 crore towards landowner payments and Rs. 1.42 crore for vendor and other payments. The agency confirmed no material deviation, no change in means of finance, and no unfavourable events affecting the viability of the stated objects.
This is a routine compliance filing confirming full and proper deployment of QIP funds as originally promised to investors, with no misuse or deviation. It is a neutral-to-positive signal for shareholders, reinforcing management's execution discipline on capital allocation, but unlikely to move the stock price meaningfully.