Keystone Realtors raise ₹800 crore via QIP, shares close 3.4% lower

Under the QIP, over 1.21 crore equity shares were allotted to qualified institutional buyers (QIBs) at an issue price of ₹660 per equity share.

Quant Mutual Fund was the largest allottee having received over 27.7 lakh shares. SBI Life Insurance was allotted over 18.93 lakh shares while Birla Sun Life Insurance and Ananta Capital Ventures Fund 1 were allotted over 15 lakh shares each. SBI General Insurance was allotted over 10 lakh shares while ICICI Prudential Life Insurance was allotted over nine lakh shares of the firm.

Abu Dhabi Investment Authority, Bajaj Allianz Life Insurance, Bandhan Mutual Fund, and Morgan Stanley India Investment Fund were among the other QIBs that were allotted shares under the QIP. A total of 17 QIBs were allotted shares under Keystone Realtor’s issue.

During the fourth quarter of fiscal year 2024, the company reported a 50% decline in its consolidated net profit at ₹32.8 crore. Revenue from operations declined 56% to ₹811.6 crore during the quarter. Earnings before interest, tax, depreciation, and amortisation (EBITDA) fell 39.47% to ₹66.7 crore while EBITDA margin fell to 8.1% during the quarter as compared to 30.8% in the same period of the previous fiscal.

During Q4FY24, the firm added five developments with an estimated saleable area of 19 lakh square feet. With this, the company has added a total of 10 developments having an estimated saleable area of 41 lakh square feet during the fiscal. The firm also stated that during the quarter, it completed six buildings with a developable area of 14.6 lakh square feet. With this, the company has completed 12 buildings with a developable area of 46.5 lakh square feet in FY24, it said.

Shares of the company have risen by nearly 10% since the beginning of the year. The stock has gained over 34% in the last one year.