Monitoring Agency Report for the Quarter ended March 31, 2026
SURAJEST · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
CARE Ratings Limited has submitted the Q4FY26 monitoring report for Suraj Estate Developers' Rs. 343.39 crore preferential issue (raised in October 2024). The original issue target was Rs. 500 crore but undersubscription reduced it. The share price has declined over 75% from the offer price to Rs. 172.95 as of March 30, 2026, falling well below the warrant exercise price of Rs. 750. About Rs. 293.51 crore has been called but remains largely unutilized, with Rs. 97.06 crore earmarked for subsidiary land acquisition and Rs. 121.99 crore for working capital. A cancelled MoU for lease rights resulted in partial refund of Rs. 4 crore, with balance Rs. 6.96 crore due by September 2026. The monitoring agency flagged that the large gap between stock price and warrant exercise price may affect viability of objects.
The stock's 75%+ decline from issue price and significant unutilized proceeds indicate weak deployment of capital raised. Warrants may become worthless as exercise price far exceeds current market price, reducing incentive for warrant holders to convert.