Suraj Estate Developers Ltd. (SEDL), a real estate developer focused on South Central Mumbai, has raised Rs 343 crore through a recent round of funding. The funds were secured via a preferential allotment, comprising Rs 243 crore from equity shares and Rs 100 crore through the issuance of convertible share warrants.
The proceeds will support the company’s land acquisitions, working capital, and other corporate purposes. The funding round included investments from a mix of high-net-worth individuals, asset management funds, and family offices.
According to Rajan Meenathakonil Thomas, chairperson and managing director of SEDL, this infusion will enable the company to expand its real estate offerings in the residential and commercial sectors and strengthen its market position. “This capital allows us to pursue growth opportunities strategically and generate sustainable value for our stakeholders,” he stated.
SEDL issued a total of 34,12,277 equity shares at Rs 714 per share, totaling Rs 243.6 crore. Additionally, the board approved 13,30,000 fully convertible warrants at Rs 750 per warrant, valued at Rs 99.75 crore. A 25% upfront payment of Rs 187.50 per warrant has already been received, totaling Rs 24.9 crore.
Upon completion of these transactions, SEDL’s promoter group holding is expected to decrease from 74.95% (as of September 30, 2024) to 67.71% on a fully diluted basis.
SEDL is actively working on 13 ongoing projects covering 20.34 lakh square feet of developable area, including 6.1 lakh square feet of RERA-certified saleable carpet area. The company also has a portfolio of 18 upcoming projects with a combined carpet area of 9.01 lakh square feet. In addition, SEDL owns land reserves of 10,359.77 square meters in the prime areas of Bandra (West) and Santacruz (East).
Rahul Thomas, executive director of SEDL, highlighted that these funds will help accelerate the company’s growth plans and drive long-term shareholder value.
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By Ravi Kumar
