Suraj Estate Developers Limited (SEDL), a prominent real estate developer specializing in the South-Central Mumbai market, successfully secures ~ Rs 343 Crores via preferential allotment of equity shares amounting to ~Rs. 243 crores and an additional sum of ~Rs. 100 Crores via the issue of convertible share warrants.
The funds will be utilized for land acquisitions, working capital, general corporate purposes, and issue-related expenses. A group of high-net-worth individuals, asset management funds and family offices participated in the successful fundraising round.
The company issued 34,12,277 equity shares of Rs. 5 each at an issue price of Rs. 714 per share, raising a total of Rs. 243,63,65,778. Additionally, the company's board of directors approved the allotment of 13,30,000 fully convertible warrants at an issue price of Rs. 750 per warrant, with a total value of Rs. 99,75,00,000.
The company has received 25% of the issue price for the warrants (Rs. 187.50 per warrant), totalling to Rs. 24,93,75,000. Warrant holders are entitled to apply for the remaining 75% of the issue price (Rs. 562.50 per warrant) within 18 months from the date of warrant issuance.
Post issuance of equity shares and convertible share warrants, the Promoter & Promoter Group holding will be diluted from 74.95% as of 30th September, 2024 to 67.71% on a fully diluted basis.
The company is currently developing 13 ongoing projects with 20.34 lakh square feet of developable area, including 6.1 lakh square feet of saleable RERA carpet area, and has portfolio of 18 upcoming projects with an estimated carpet area of 9.01 lakh square feet. Additionally, the company also has land and land reserves aggregating to 10,359.77 square meters situated at Bandra (W) and Santacruz (East).
Suraj Estate Developers is a leading real estate developer with a strong track record of delivering high-quality projects. The company’s focus on innovation, sustainability, and customer satisfaction has earned it a reputation as a trusted name in the industry.
