Keystone Realtors Promoter OFS: ₹550 Floor Price Set as 3.63% Stake Hits Market to Meet Public Float Norms

The promoters of Keystone Realtors Ltd have announced an offer for sale worth approximately ₹251–₹252 crore, aimed at complying with minimum public shareholding requirements and providing an exit mechanism for existing promoter holdings, according to recent filings.

Key Terms of the Share Sale

Up to 45.76 lakh equity shares representing 3.63% of the company's total equity are being offered through the OFS mechanism. The floor price has been set at ₹550 per share, reflecting a discount of approximately 8.6% to 10% compared to recent closing prices. Non-retail investors will have access to the shares on 15 October 2025, while retail investors can participate on the following day, 16 October 2025. At least 10% of the offering will be reserved for retail investors, with 25% allocated to mutual funds and insurance companies.

Promoter Details and Market Response

The selling shareholders include Boman Rustom Irani, Percy Sorabji Chowdhry, and Chandresh Dinesh Mehta. The stock price reacted negatively to the announcement, declining approximately 6% on the day the OFS was disclosed to the exchanges. Industry observers noted that the discounted floor price could attract institutional investors seeking quality real estate exposure at attractive valuations.

Strategic Implications for Governance and Liquidity

The offer for sale is expected to enhance the free float and improve trading liquidity in Keystone Realtors shares. Market participants believe the move could strengthen corporate governance standards by broadening the shareholder base beyond the promoter group. For the company, which operates in the Mumbai real estate development sector, an improved public shareholding structure may lead to better institutional coverage and potential re-rating if operational performance remains strong.

Investment Outlook Across Stakeholder Groups

Existing shareholders may view the promoter sell-down as a governance-positive development that increases the free float, though the immediate dilution and discounted pricing could create short-term pressure on the stock. Prospective investors are being presented with an opportunity to acquire shares at a discount to the prevailing market price, although they must evaluate Keystone's broader redevelopment and growth strategy in Mumbai's competitive property market.

For the company itself, enhanced public shareholding and improved liquidity could attract a wider investor base and potentially support valuation multiples if business momentum and financial performance continue positively in line with recent industry trends.

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