Sumit Woods Limited, a leading real estate redevelopment company with over 38 years of experience, has announced the successful allotment of equity shares and convertible warrants, raising ₹86 crores. This infusion of fresh capital underscores investor confidence in the company’s financial stability and growth trajectory.
The company allotted 46,81,709 equity shares at ₹115 per share (face value ₹10 each) to non-promoter investors. Additionally, as per the special resolution passed on September 28, 2024, the Board of Directors approved a preferential allotment of 27,65,000 convertible warrants at ₹115 each during meetings held on December 6 and December 11, 2024. These warrants, convertible into an equivalent number of equity shares, will be issued to both promoters and non-promoters.
The capital raised through this initiative is strategically aimed at accelerating the execution of the company’s ambitious project pipeline. Sumit Woods Limited plans to utilize these funds to ensure the timely completion of its high-quality developments, reinforcing its commitment to creating vibrant communities and delivering value to stakeholders.
Commenting on the development, Mitaram Jangid, Managing Director of Sumit Woods Limited, emphasized that this successful allotment represents a significant milestone for the company. He stated, “The capital infusion strengthens our financial foundation, enabling us to accelerate project execution and deliver transformative, high-quality spaces. This marks a new chapter in our journey of growth and value creation.”
Sumit Woods Limited, known for its specialization in society redevelopment, has transformed urban landscapes by delivering over 45 lakh square feet of projects, with an additional 15 lakh square feet currently under construction. The company has positively impacted communities by completing 64 projects across Mumbai and Goa. For FY24, the company reported revenues of ₹182 crore, EBITDA of ₹30 crore, and a net profit of ₹10 crore.
