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)

Equipment

12 Dec 2025

Schwing Stetter India Unveils New Innovations at Excon 2025

Schwing Stetter India unveiled more than 20 new machines at Excon 2025, marking one of its most significant showcases and introducing several India-first technologies to the construction equipment sector. The company launched the country’s first 56-metre boom pump designed and manufactured in India, the first fully electric truck mixer, the first CNG mixer variant and the first hybrid boom pump. Executives said the launch portfolio was engineered to support India’s move toward faster, greener and more vertically oriented infrastructure through advanced engineering, clean-energy solutions a..

SEPC Resolves Hindustan Copper Dispute, Wins Rs 725 Mn Order

Engineering, procurement and construction firm SEPC Ltd has recently settled a dispute with Hindustan Copper Ltd (HCL) and secured a mining infrastructure order valued at Rs 725 million from the state-owned company. SEPC informed the stock exchanges that it has executed a settlement deed with HCL, bringing closure to all inter-se claims and counterclaims arising from arbitration proceedings. As part of the settlement, SEPC will receive Rs 304.5 million as full and final payment, marking the resolution of all pending disputes between the two entities. The company also stated that Hindustan Co..

20% Ethanol Blending Cuts India’s CO2 Emissions by 73.6 Mn Tonnes

Union Road Transport and Highways Minister Nitin Gadkari recently said that India has reduced carbon dioxide emissions by 73.6 million metric tonnes due to the adoption of 20 per cent ethanol blending in petrol. He made the statement while replying to supplementary questions during the Question Hour in the Lok Sabha. Describing ethanol as a green fuel, the minister said it plays a key role in reducing pollution while also supporting higher incomes for farmers. He underlined that ethanol blending contributes both to environmental sustainability and rural economic growth. Nitin Gadkari also po..