Shares of Sunteck Realty Ltd gained 4.49% on Monday, September 8, climbing ₹20.10 to close at ₹467.80 on the NSE, after the company’s board approved a fresh capital raise.
The company announced that it will issue 117.6 lakh convertible warrants at ₹425 per share, raising ₹500 crore. Promoters are set to participate in more than 65% of the issue, highlighting strong internal confidence.
The balance will see participation from marquee investors, including Utpal Sheth, Mukul Agrawal, and NT Asian Fund, adding credibility to the fundraising plan.
Sunteck Realty clarified that the capital infusion will strengthen its balance sheet and fuel ongoing and upcoming projects. The company’s shares, while still 27% below their 52-week peak, witnessed fresh buying interest on the back of the announcement.
The board-approved warrants, once converted, are expected to enhance the company’s equity base and support long-term growth plans in Mumbai’s premium and aspirational housing segment.
Investor sentiment turned positive on Monday, with volumes spiking as traders factored in both the promoter’s strong commitment and the entry of institutional investors in the issue.
