Suraj Estate Developers Limited (SEDL) successfully raised ₹343 crore through a preferential issue of equity shares and convertible share warrants. The fundraising includes ₹243 crore from the allotment of 34,12,277 equity shares at an issue price of ₹714 per share, and ₹100 crore from the issue of 13,30,000 fully convertible share warrants at ₹750 per warrant.
The proceeds from this raise will be utilized for land acquisitions, working capital, and other corporate purposes. The issuance attracted participation from high-net-worth individuals, asset management funds, and family offices. Following the fundraising, the promoter and promoter group holding in the company will be diluted from 74.95% to 67.71% on a fully diluted basis.
The company’s ongoing projects total 20.34 lakh square feet of developable area, and it has a pipeline of 18 upcoming projects with an estimated carpet area of 9.01 lakh square feet.
