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, as Monitoring Agency, has submitted its Q4FY26 report for Suraj Estate Developers' Preferential Issue. The company raised Rs. 343.39 crore through an undersubscribed issue (original target was Rs. 500 crore). Only Rs. 4.00 crore was deployed during the quarter—towards tax payment from a refund received on a cancelled MoU for lease rights. Rs. 293.51 crore remains unutilized with all scheduled deployment timelines having passed (April 2026 deadline). The monitoring agency has flagged serious concerns: the stock price declined over 75% from the offer price to Rs. 172.95 as of March 30, 2026, which is below both the warrant exercise price of Rs. 750 and balance call value of Rs. 375, potentially affecting viability of the issue objects.
This report reveals significant investor concerns—the stock has lost over 75% of its value since the preferential issue, most of the raised capital remains unused, and warrant holders may find it uneconomical to exercise given the low stock price. Shareholders should monitor whether the company can achieve its stated land acquisition and working capital objectives with these funds.