Keystone Realsors shares surge 7% after Plutus Wealth Management buys 17.1 lakh shares

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Keystone Realsors shares surge 7% after Plutus Wealth Management buys 17.1 lakh shares

Keystone Realtors' shares rose by nearly 7% after Plutus Wealth Management purchased 17.1 lakh shares or 1.5% of the company's Rustomjee Group at an average price of Rs 555.03 per share on the NSE. The transaction was worth Rs 94.91 crore. Keystone Realtors' stock was up 6.85% to 596 against the previous close of Rs 557.80 on the BSE. The firm's market cap went to 6,454. There are 57 crore. The total of 1.42 lakh shares changed hands, resulting in a turnover of 8.16 crore on the BSE. Keystone Realtors stock was listed at a 2.60 per cent premium to its issue price of Rs 541 per share on Thursday.

The stock made its debut at Rs 558.7 on the BSE. The price band was from November 14 to November 16, 2022 to November 16th, 2022 to Rs 514 to Rs 541 per share. The allotment of shares was done on November 21. The allotment status was declared on the official website of the registrar Link Intime India Private Ltd.

The lot size of Keystone Realtors IPO was 27 shares for which one would have to spend Rs 14,607. A retail individual investor can submit bids for up to 13 lots or 351 shares by spending Rs 1,89, 891.

The offer was only 2.01 times subscribed on the final day, and there was a lack of a response from Keystone Realtors' initial public offering IPO. Institutional buyers bought shares 3.84 times the allotted quota and high networth individuals three times. Retail investors bid for only 0.53 times of the portion set aside for them.

The realty firm collected a little over 190 crore from anchor investors a day ahead of the IPO. The transaction size was taken to 190.5 crore after the company allotted 35.21 lakh equity shares to 16 anchor investors at Rs 541 apiece. The anchor book saw participation from a wide variety of investors.

Nearly 35 percent of the anchor investor portion was accounted for by the Abu Dhabi Investment Authority, Morgan Stanley and Saint Capital. Aditya Birla Mutual Fund, IDFC Mutual Fund, Tata Mutual Fund and Quant Mutual Fund also participated in the anchor investor portion.

SBI Life Insurance and HDFC Life Insurance Company were also part of the anchor investors.

Keystone Realtors carries out property development under the brand Rustomjee The company has 12 ongoing projects and 21 coming projects across the Mumbai Metropolitan Region MMR It completed 32 projects until June 30.