Suraj Estate Developers Limited — Others, 15-05-2025: Monitoring Agency Report

Suraj Estate Developers has utilized Rs. 94.17 crore out of its Rs. 343.39 crore preferential issue proceeds, exceeding the initial Rs. 70 crore allocated for working capital due to added expenses like term loan interest. The company reduced the issue size from Rs. 500 crore to Rs. 343.39 crore because of undersubscription, leading to scaled-back land acquisitions and project investments. Rs. 2.60 crore remains in fixed deposits for future working capital. The share price dropped sharply after the issue, staying below the warrants’ exercise price amid broader market volatility.