Suraj Estate Developers Limited (SEDL), a leading real estate developer in South Central Mumbai, has successfully raised approximately Rs. 343 crores through a preferential allotment of equity shares and share warrants. The funding comprises around Rs. 243 crores from the issuance of equity shares and an additional Rs. 100 crores through convertible share warrants.
The capital will be utilized for land acquisitions, working capital, general corporate purposes, and related expenses. The fundraising round saw participation from high-net-worth individuals, asset management funds, and family offices.
Rajan Meenathakonil Thomas, Chairperson and Managing Director of Suraj Estate Developers, stated, “This timely fundraising will provide us with the growth capital to expand our operations and diversify our product offerings. We aim to strategically utilize these funds to strengthen our position in both residential and commercial real estate segments.”
The company issued 3,412,277 equity shares at Rs. 714 each, raising Rs. 243.6 crores. Additionally, it allotted 1,330,000 fully convertible warrants at an issue price of Rs. 750, totaling Rs. 99.75 crores. Warrant holders have paid 25% of the issue price, with the remaining 75% payable within 18 months.
Post-issuance, the Promoter & Promoter Group holding will decrease from 74.95% to 67.71% on a fully diluted basis. Currently, Suraj Estate Developers is engaged in 13 ongoing projects totaling 20.34 lakh square feet of developable area, alongside 18 upcoming projects with an estimated carpet area of 9.01 lakh square feet.
Rahul Thomas, Executive Director at Suraj Estate Developers, expressed gratitude for the strong investor support, emphasizing that the proceeds will accelerate growth plans and enhance market position. The company is committed to delivering high-quality projects while focusing on innovation, sustainability, and customer satisfaction.
