Trilegal has advised Keystone Realtors, promoter of Mumbai-based real estate company Rustomjee, on its INR6.3 billion (US$76.3 million) IPO.
The offering, which opened on November 14 and closed on November 16, was two times oversubscribed, with significant participation from high net worth individuals. INR 5.6 billion worth of new shares were issued.
Trilegal partner Richa Choudhary led the IPO deal team, supported by senior associates Avanti Kale and Maitreya Rajurkar, and associates Aman Bahl, Aayush Khandelwal and Shivayana Balodia.
Partner Mridul Kumbalath led the Trilegal team and advised on the real estate aspects of the IPO. Advisors Arnav Nagalia and Sadaf Shaikh, Senior Associate Dilnaz Bapasola, Senior Consultant Ganashruthi MU, Associates Sharul Jain and Yunus Nawab, and Consultant Veena Vasudevan also supported the team.
Proceeds from the issuance of new shares will be used to repay loans, fund future real estate projects and for “general corporate purposes,” the IPO announcement said.
The company has entered into joint development agreements and agreements, as well as redevelopment agreements with third parties to acquire land development or redevelopment rights, which may involve certain risks, the Red Hering prospectus said.
Marquee investors like Abu Dhabi Investment Authority, Morgan Stanley and SBI Life Insurance were among those who anchored the IPO.
“As of March 31, 2022, it had 32 completed projects, 12 ongoing projects and 19 upcoming projects across the Mumbai metropolitan area, comprising a full range of projects in affordable, medium and large, sophisticated, premium and super premium categories under its brand Rustomjee,” reads a report from the research department of India Infoline.
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