Keystone Realtors insider plans to sell 17,063 shares in February 2027

What was filed

Keystone Realtors Limited received a trading plan from Manish Dileep Savant, the company's Group Chief Regulatory Officer and a designated person under insider trading rules. The plan covers the sale of 17,063 equity shares. According to the filing summary reported by scanx.trade, the Compliance Officer approved the plan on October 9, 2026.

The filing summary lists the nature of the trade as a sale, executed through the stock exchange. It states that the price limit and trade nature are set as per Regulation 5 of the SEBI (Prohibition of Insider Trading) Regulations, 2015. The same summary says the timeline complies with the mandatory waiting period under SEBI rules.

Terms of the plan

• Sale window: February 8 to February 12, 2027.
• Price floor: Rs 304 per share. The closing price cited before submission was Rs 379.30, so the floor sits about 20 per cent below that level. Our arithmetic: (379.30 - 304) / 379.30 = about 19.9 per cent.
• Cooling-off: The insider undertook that the plan would not start earlier than 120 calendar days from the public disclosure date.
• Irrevocability: Once approved, the plan cannot be revoked, except in the case of permanent incapacity.

A plan like this is a pre-set instruction. It sets limits on when and at what price shares may be sold. It does not commit the insider to sell all or any of the shares, and the filing does not say whether the sale will happen.

Who approved it and the title question

The filing summary names Bimal K Nanda as the Compliance Officer who approved the plan. Yahoo Finance's company profile lists the same role as Group Company Secretary and Compliance Officer, under the name Bimal Kishore Nanda.

Sources differ on Savant's title. The filing summary gives Group Chief Regulatory Officer. The Yahoo Finance executive list gives Group Head of Liaisoning. This article uses the title from the filing summary. Readers should treat the title as the one reported in that summary and check the company's own filings for the current designation.

About the company

Keystone Realtors Limited was incorporated in 1995 and is based in Andheri East, Mumbai. It markets under the Rustomjee brand. Its registered office is at 702 Natraj, M. V. Road Junction, Western Express Highway, Andheri East, Mumbai 400069. Boman Irani is chairman and managing director.

The company listed on the NSE and BSE after a book-built IPO of Rs 635 crore. The stock listed at Rs 555, a 3 per cent premium to its issue price of Rs 541. Its BSE security code is 543669.

A company statement reported in July 2025 put its portfolio at 37 completed projects, 16 ongoing projects and 26 forthcoming projects, with over 26 million square feet delivered.

Recent business context

Free Press Journal reported on July 10, 2026, that Q1 FY27 pre-sales were Rs 6.17 billion for the April to June quarter, down 42 per cent from Rs 10.68 billion a year earlier. The same report covered upcoming launches in the Mumbai Metropolitan Region.

In Q1 FY27, the company also added two new projects with a combined saleable area of 1.98 million sq ft and an estimated gross development value of Rs 7.13 billion, according to the same report. They include the Utkarsh CHSL cluster redevelopment in Dindoshi Nagar, Goregaon East, and a plotted project in Igatpuri.

Earlier, in July 2025, Business Standard reported that Keystone Realtors had been chosen for a cluster redevelopment in Andheri West (Lokhandwala). The project's gross development value was estimated at around Rs 3,000 crore, covering a cumulative plot area of about 4.75 acres and 548 existing members. A February 2026 report describes a different project, an eight-society redevelopment in Andheri East with a projected revenue of Rs 1,775 crore. These are separate projects and should not be merged.

In October 2025, promoters Boman Rustom Irani, Percy Sorabji Chowdhry and Chandresh Dinesh Mehta proposed an offer for sale of up to 45,76,000 equity shares, or 3.63 per cent of the company, at a floor price of Rs 550. Business Standard reported that the non-retail leg was on October 15, 2025 and the retail leg on October 16, 2025.

The company's trading window was closed from April 1, 2026, until 48 hours after its Q4 results, according to Whalesbook. Trading window closures normally stop insiders from trading ahead of results. The current filing is a pre-set plan that is designed to run in a window that is open under the plan's terms.

What it changes for buyers, investors and the market

For home buyers: The filing does not concern any project, pricing, launch or RERA registration. It does not change any sale or possession terms for buyers.

For investors: The plan is a sale by one designated person, subject to a price floor and a February 2027 window. No named analyst or company spokesperson has commented on it in the reputed outlets we checked. The filing alone does not show a view on the company's prospects. The filing also shows that the designated person may sell shares in the market if the price is at or above Rs 304.

For the market: The number of shares is small in relation to the company's share count, and the filing does not indicate any change in leadership. Our desk describes the filing as routine, but this is our characterisation. The filing summary itself does not use that word.

What happens next

• The cooling-off period runs for 120 calendar days from public disclosure. By our count from the October 9, 2026 approval date, that point falls on about February 6, 2027. The filing summary does not give the exact disclosure date.
• The sale window opens on February 8, 2027 and closes on February 12, 2027.
• Any sale must take place through the stock exchange at or above Rs 304 per share.
• Results of any sale would appear in later insider disclosures. We found no specific date for those disclosures.

What we could not confirm

We found no statement from the company, from Savant or from a named regulator about the plan beyond the filing summary. The only source for the filing itself is the scanx.trade report. Yahoo Finance's list of executive titles differs from the filing summary on Savant's designation. Readers should check the exchange filing for the authoritative text.