Keystone Realtors Board Approves Raising ₹375 Crore via Listed, Rated NCDs on Private Placement Basis

Board Approves ₹375 Crore Non-Convertible Debenture Issuance

Keystone Realtors Ltd. on 10 September 2025, said its board has approved raising up to ₹375 crore through the issuance of fully paid-up, senior, secured, redeemable, listed and rated non-convertible debentures (NCDs). The instruments, each with a face value of ₹1 lakh, will be issued on a private placement basis.

Instrument Details

The fully paid up, senior, secured, redeemable, listed, rated NCDs will have a face value of ₹1,00,000 each and will be offered on a private placement basis. This strategic move aims to strengthen the company's financial position without diluting existing shareholder equity.

Growth Momentum and Project Pipeline

Chairman and Managing Director Boman Rustom Irani recently said the company achieved over 25% of its full-year pre-sales guidance in Q1, securing projects worth ₹7,700 crore against guidance of ₹6,000 crore. Looking ahead, Keystone is targeting ₹4,000 crore pre-sales in FY26, a 33% rise year-on-year, supported by a ₹7,000 crore launch pipeline.

Over the last two-and-a-half years, the company has secured 22 projects across Mumbai, including 18 redevelopment projects and 16 in the mid-market housing segment.

Debt-Free Financial Position

The company maintains a strong financial position with INR 935.00 crores in free cash flow and zero net debt. It successfully raised INR 335.00 crores through NCDs and received a credit rating upgrade to A+ with a Positive Outlook.

About Keystone Realtors

The company was incorporated in 1995 and is based in Mumbai, India. It was listed on the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) on November 24, 2022. The company is a prominent MMR-based real estate developer and a leader in the redevelopment space. It develops integrated townships, gated communities, standalone landmarks, retail spaces, commercial projects, and social infrastructure such as schools, clubhouses, and parks within townships under its brand Rustomjee.

The rating continues to favourably factor in the strong operational track record and brand strength of the Rustomjee Group in the Mumbai Metropolitan Region (MMR) residential real estate market, underpinned by over 23 million square feet of deliveries till date and the strong saleability of the projects.

The company has a substantial portfolio of projects spanning the Mumbai Metropolitan Region (MMR), with 38 completed projects, 20 ongoing projects and 24 forthcoming projects.