On September 14, 2024, in Mumbai, Suraj Estate Developers Limited (SEDL) held an Extraordinary General Meeting (EGM) where shareholders gave their strong approval for a significant fundraising. The company plans to raise around ₹500 crores through a preferential issue of equity shares and convertible warrants, pending regulatory approval.
During the EGM, which was conducted through remote e-voting, shareholders agreed to issue 56,05,742 equity shares at ₹714 each. This totals ₹400.25 crore, with each share priced at a premium of ₹709. Additionally, 13,30,000 convertible warrants will be issued at ₹750 each. Each warrant can be converted into one equity share within 18 months of issuance.
Following this issue, the Promoter & Promoter Group’s shareholding will decrease from 74.95% to 64.82%. The new funds will be used to acquire land, working capital, general corporate needs, and expenses related to the issue.
Currently, SEDL is working on 13 projects covering 20.34 lakh square feet and has 18 more projects planned with an estimated area of 9.01 lakh square feet.
Commenting on this, Mr Rahul Rajan Jesu Thomas, Whole Time Director at Suraj Estate Developers, said, “We are delighted with the overwhelming support from our shareholders for this significant capital raise. The proceeds will enable us to accelerate our growth plans and strengthen our market position. We are confident that this will create long-term value for our shareholders.”
Suraj Estate Developers is a top real estate company known for its high-quality projects. Their commitment to innovation, sustainability, and customer satisfaction has made them a reliable name in the industry.
Founded in 1986, Suraj Estate Developers Limited specialises in real estate in South Central Mumbai. They develop both residential and commercial properties in areas like Mahim, Dadar, Prabhadevi, and Parel. The company mainly focuses on value luxury, luxury, and commercial sectors. Suraj Estate is now expanding into residential projects in Bandra. Their main area of expertise is redeveloping tenanted properties in South-Central Mumbai, including Mahim, Matunga, Dadar, Prabhadevi, and Parel.
On September 16, 2024, the share price of Suraj Estate Developers Ltd opened at ₹760.00, touching the day’s high at ₹780.00, as of 09:55 AM on the NSE.
Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.
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