Suraj Estate Developers confirms no deviation in preferential issue fund use

Suraj Estate Developers Limited announced on November 10, 2025, that there has been no deviation or variation in the utilization of funds raised via a preferential issue for the quarter ended September 30, 2025. This confirmation aligns with objectives outlined in the explanatory statement for the General Meeting held on September 14, 2024. The company utilized the proceeds against the issue and allotment of equity shares and warrants.

While the company reported no deviation in fund usage, there was a shortfall in preferential issue proceeds, reducing from the initially planned INR 500 Cr. to INR 343.39 Cr. This necessitated a revision in cost allocation across proposed utilization categories, but the objects themselves remained unchanged. The Monitoring Agency, Care Rating Limited, also reported no deviation in the use of funds raised.

The total fund utilized for the quarter was INR 2935.11 million out of a modified allocation of INR 3433.85 million. This includes INR 970.63 million for land acquisition, INR 1219.85 million for working capital, and INR 744.62 million for general corporate purposes. The company issued 1,330,000 convertible warrants at INR 750/- each, raising INR 99.75 Cr., with 50% of the total warrant amount received.