Suraj Estate Developers Limited has informed the Exchange regarding allotment of 45000000 securities pursuant to Non Convertible Debentures at its meeting held on February 21, 2026
SURAJEST · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Awaiting price reaction for this filing.
Suraj Estate Developers has allotted 4.5 crore secured, unlisted, non-convertible debentures (NCDs) of face value Rs. 10 each, raising Rs. 45 crores in total. The NCDs were issued on a private placement basis to IDBI Trusteeship Services Limited, acting as trustee of India Real Estate Investment Fund Series 2, with ICICI Venture Funds Management Company as the investment manager. The instrument carries a 42-month tenure with a 24-month principal moratorium, after which repayment will be made in 18 equal monthly installments. Interest is 12% p.a. for the first 24 months and steps up to 17% p.a. from the 25th month onward, paid monthly. The NCDs are secured by way of paripassu and exclusive charges on multiple properties located in Shivaji Park, Dadar, and Prabhadevi, Mumbai.
The company has raised Rs. 45 crores of long-term debt from a marquee alternative investment fund (ICICI Venture), which is generally viewed positively as it indicates institutional confidence. However, the 12-17% interest rate is high, reflecting the cost of borrowing, and the 24-month moratorium means no principal repayment for two years. Shareholders should note the pledged Mumbai properties as security and the resulting interest burden on the company.