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Deal: Trilegal advises on Rustomjee IPO

24 Nov 2022

Trilegal advised Keystone Realtors Limited (“Rustomjee”) and its promoters (who were also selling shareholders) on its initial public offering (“IPO”) of equity shares aggregating to INR 6,350 million.

Established in 1995, Rustomjee is a prominent real estate developer based out of Mumbai and has developed ~20.22 million square feet of high-value and affordable residential buildings, premium gated estates, townships, corporate parks, retail spaces, schools, and iconic landmarks. The IPO comprises a fresh issuance of equity shares and an offer for sale by existing shareholders. The proceeds from the fresh issuance are proposed to be deployed towards repayment of certain loans, funding acquisition of future real estate projects and general corporate purposes. The IPO was anchored by marquee investors such as Abu Dhabi Investment Authority, Morgan Stanley, and SBI Life Insurance, amongst others. The equity shares were listed on the bourses on November 24, 2022, at a premium. The transaction included various complex issues, including, inter alia, foreign investor participation in a regulated sector and retention of certain inter-se shareholders’ rights.

The IPO deal team was led by Partner Richa Choudhary, and comprised Senior Associates, Avanti Kale and Maitreya Rajurkar, and Associates, Aman Bahl, Aayush Khandelwal and Shivayana Balodia. The team advising on real estate aspects was led by Partner, Mridul Kumbalath, and comprised Counsels, Arnav Nagalia and Sadaf Shaikh, Senior Associate, Dilnaz Bapasola, Senior Consultant, Ganashruthi MU, Associates Sharul Jain and Yunus Nawab and Consultant, Veena Vasudevan.

About Trilegal

Trilegal is one of India’s leading law firms, with expertise across the full spectrum of corporate legal services. Trilegal has offices in four key cities of India.

Trilegal has been recognised as the ‘Firm of the year’ for Client Service Excellence by Asia Law Awards 2021; “M&A Law firm of the Year”by VCCircle Awards 2020; ‘Law Firm of the Decade’ at the RSG Grow India Summit and Awards 2019; one of the most innovative law firms in Asia in the inaugural edition of ALB Trailblazers 2020 and ‘highly commended’ in the FT RSG Innovative Lawyers Awards 2020. Trilegal has also been recognised as one of the ‘Best Overall Law Firms in India’ as part of the India Business Law Journal Annual Indian Legal Awards 2021.

For more information, please contact:

Sahil Wason
Mob: +91-8928008122 |


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