Suraj Estate Developers raise Rs 3.43 billion for expansion and growth

22 Oct 2024 CW Team

Suraj Estate Developers has raised Rs 3.43 billion through a combination of equity shares and convertible warrants. The company secured Rs 2.43 billion via preferential allotment of equity shares and an additional Rs 1 billion through the issuance of convertible share warrants.

The funds will be used for land acquisitions, working capital, corporate purposes, and issue-related expenses. Rajan Meenathakonil Thomas, Chairperson and Managing Director, highlighted the strategic importance of the fundraise. "This timely capital infusion will enable us to expand operations, diversify our product offerings, and capture new opportunities in the residential and commercial real estate segments, delivering sustainable value to our stakeholders," he said.

On October 18, 2024, the board’s preferential issue committee approved the allotment of 21,05,467 equity shares, each with a face value of Rs 5, issued at Rs 714 per share (including a premium of Rs 709). This raised Rs 2.43 billion from non-promoter investors, increasing the company's paid-up capital from Rs 228.3 million to Rs 238.8 million.

Additionally, the board approved 13,30,000 fully convertible warrants priced at Rs 750 per warrant, raising Rs 997.5 million. The company has already received 25% of the warrant issue price, amounting to Rs 249.3 million. Warrant holders are required to pay the remaining 75% (Rs 562.50 per warrant) within 18 months of issuance.

Following these transactions, the promoter group's shareholding will reduce from 74.95% as of September 30, 2024, to 67.71% on a fully diluted basis.

(ET)

Infrastructure Urban

11 Aug 2025

RR Kabel Launches Heat-Resistant, Eco-Friendly, Fire-Safe Wires

RR Kabel has unveiled a suite of advanced wire solutions—Flamex HR+FR, Superex Green HR+FR, and Firex LS0H-EBXL—crafted to meet the evolving demands of Indian homes and infrastructure amid rising temperatures and heavier electrical loads.Flamex HR+FR offers 20% higher current capacity and safe operation up to 85°C, combining heat resistance and flame retardancy with anti-rodent and termite protection. Superex Green HR+FR integrates Heat Guard Technology, meets REACH and RoHS standards, uses pure electrolytic copper, and comes in eco-friendly packaging. Firex LS0H-EBXL, with Electron Beam ..

Gateway Distriparks Secures 15-Year Exclusive Rail Deal for Ankleshwar MMLP

Gateway Distriparks Limited (GDL) has signed a 15-year agreement to operate exclusive container train services for the 120-acre Multi Modal Logistics Park (MMLP) at Ankleshwar, Gujarat, developed by Sawariya Group of Industries. The strategically located facility near Surat will handle domestic and EXIM containers, bulk cargo, and other multimodal services, with an initial capacity of 200,000 TEUs and 850,000 sq. ft. of warehousing.Directly linked to the Western Dedicated Freight Corridor, the park will serve industrial hubs including Surat, Panoli, Ankleshwar, Bharuch, Jhagadia, Dahej, and Ha..

Vedanta Aluminium Showcases Kalahandi as Tribal-Led Growth Model

On World Tribal Day, Vedanta Aluminium, India’s largest aluminium producer, marked the remarkable transformation of Kalahandi from one of Odisha’s most deprived districts into a model for tribal-led development. Once contributing less than 1% to the state’s GDDP in 2001, with per capita income around Rs 19,000, the district now leads in Health & Nutrition and ranks second in Education under NITI Aayog’s Aspirational District Programme. Between 2003 and 2015, Kalahandi’s GDDP growth exceeded 16%, over twice the state average.At a recent NITI Aayog review, Kalahandi achieved 100% s..