Suraj Estate Developers Limited has informed the Exchange regarding Outcome of Management Committee Meeting held on February 21, 2026.
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Suraj Estate Developers has allotted 4,50,00,000 unlisted, secured, non-convertible debentures (NCDs) of face value Rs 10 each, aggregating Rs 45 crore. These were issued on a private placement basis to IDBI Trusteeship Services Limited, acting as Trustee of India Real Estate Investment Fund Series 2 (an AIF managed by ICICI Venture Funds Management Company). The NCDs carry a coupon of 12% p.a. for the first 24 months, stepping up to 17% p.a. from the 25th month, payable monthly. The total tenure is 42 months, with a 24-month principal moratorium followed by 18 equal monthly repayments. The NCDs are secured by multiple Mumbai properties in Shivaji Park, Dadar, and Prabhadevi, and will not be listed on any stock exchange.
The company has raised Rs 45 crore in debt funding from a reputed institutional investor (ICICI Venture-backed AIF) at a relatively high coupon of 12-17%, which will increase interest costs but provides growth capital. The dilution risk is nil since these are NCDs, though the high yield and property-backed security suggest the lender views the deal as moderate-to-high risk.