Suraj Estate Developers wants to raise Rs 500 crore through this IPO.
Suraj Estate Developers IPO: Suraj Estate Developers is going to bring its IPO soon. The company has filed a draft paper with the market regulator SEBI for this. The company wants to raise Rs 500 crore through this IPO. According to the Red Herring Prospectus (DRHP) filed with SEBI, fresh shares will be issued to raise funds under this IPO.
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Fund will be used here
Of the funds raised through the IPO, Rs 315 crore will be used to pay off the debt of the company and its subsidiaries – Accord Estates, Iconic Property Developers and Skyline Realty. Apart from this, about Rs 45 crore will be used for land acquisition or land development rights. The fund will also be used for general corporate purposes.
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Know about the company
Suraj Estate Developers is involved in the real estate business since 1986. Its work is related to real estate in the residential and commercial sectors in the South Central Mumbai area. At present, the promoter and promoter group hold about 95 per cent stake in the company. Centrum Capital and Anand Rathi Advisors are the book running lead managers of the issue. The company’s shares will be listed on BSE and NSE.
(Input- PTI)
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