Statement of Deviation or Variation in utilization of funds raised under Preferential Issue Regulation 32 of the SEBI (Listing Obligations and Disclosure Requirements Regulations 2015 for ....
SURAJEST · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Suraj Estate Developers Limited has filed a quarterly compliance statement confirming no deviation or variation in the utilisation of funds raised through a preferential issue conducted on October 15 and 18, 2024. The total amount raised was Rs. 343.39 Crore. Monitoring is handled by Care Rating Limited. Funds have been deployed across three main objects: land acquisition and development (Rs. 970.63 Cr. utilised out of Rs. 2,000 Cr. allocated), working capital (Rs. 1,219.85 Cr. utilised out of Rs. 1,832.5 Cr. allocated), and general corporate purposes (Rs. 744.62 Cr. utilised out of Rs. 1,147.5 Cr. allocated). Additionally, warrants issued for Rs. 99.75 Crore were forfeited on April 8, 2026, after holders failed to pay the remaining 50% of the issue price within the stipulated period. Rs. 49.875 Crore already received from warrant holders was forfeited along with the warrants.
No deviation means the company is on track with its stated use of proceeds. The warrant forfeiture reduces the expected capital inflow by ~Rs. 50 Crore, which could slightly affect funding plans for land acquisition and working capital. No material impact on the stock in the near term.