Suraj Estate Developers Limited has informed the Exchange about statement of deviation(s) or variation(s) under Reg. 32
SURAJEST · price
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Suraj Estate Developers has filed its quarterly statement confirming NO deviation in the use of funds raised through a Preferential Issue completed in October 2024. The company raised Rs. 343.39 crore through equity shares and convertible warrants. The funds have been deployed as per the stated objects: land acquisition and development (Rs. 970.63 million utilized), working capital (Rs. 1,219.85 million), and general corporate purposes (Rs. 744.62 million). Monitoring is done by Care Rating Limited. Separately, the company forfeited 13.30 lakh convertible warrants on April 8, 2026 after warrant holders failed to pay the remaining 50% of the issue price (Rs. 49.88 crore already received was forfeited).
Positive signal for shareholders as the company has utilized the entire proceeds correctly with no deviations reported. The warrant forfeiture is a one-time event and does not impact current operations or the primary fund utilization.