Suraj Estate Completes ₹70 Crore Debt Issuance with Final Allotment of Non-Convertible Debentures
Suraj Estate Developers Ltd has completed the issuance of a total of ₹70 crore in Unlisted, Secured, Rated, Redeemable, Non-Convertible Debentures (NCDs) following the allotment of the remaining tranche to a specified investment fund. The final allocation was made on July 23, 2026.The debt raising initiative originated from an earlier approval by the Management Committee for the issuance of up to ₹70 crore through NCDs. Initially, Suraj Estate allotted 6,00,00,000 NCDs, aggregating to ₹60 crore, on February 29, 2024, to India Real Estate Investment Fund - Series 2, an Alternative Investment Fund managed by ICICI Venture Funds Management Company Limited. The company subsequently redeemed these initial 6,00,00,000 NCDs in full in accordance with the issue terms.
The balance issuance of 1,00,00,000 NCDs was approved and allotted during a meeting of the Management Committee held on July 23, 2026. This tranche totaling ₹10 crore was allocated to IDBI Trusteeship Services Limited, acting as the Trustee for India Real Estate Investment Fund - Series 2.
This final allotment completes the original plan for the company's debt issuance. Out of the total approved issuance of 7,00,00,000 NCDs aggregating to ₹70 crore, the previous tranche was redeemed, and only the balance 1,00,00,000 NCDs remain outstanding following the current transaction.
Key Details of the Final NCD Allotment
The following table summarizes the financial structure and terms associated with the issuance:| Particular | Detail |
|---|---|
| Type of Securities | Secured, Unlisted, Non-convertible Debentures (NCDs) |
| Issuance Type | Private Placement Basis |
| Total Allotted in Current Tranche | 1,00,00,000 NCDs |
| Size of Current Tranche | ₹10,00,00,000 (Rupees Ten Crores Only) |
| Tenure of Instrument | 38 Months from the date of allotment |
| Interest Rate Structure | 12% p.a. on monthly basis for the first 24 months; 17% p.a. on monthly basis thereafter. |
| Security/Charge | Paripassu charge over specific properties in Mumbai (Final Plot No 1042 and Final Plot No 136). |
The NCDs are secured by a Paripassu charge over specified property assets, including those located in Mahim Division and Shivaji Park. The company has committed to redeeming these debentures through monthly installments starting from the 25th month after initial disbursement.
SURAJEST Stock Price Movement
Suraj Estate Developers Limited's stock rallied today after settling at ₹197.98, edging higher by 1.88%. The equity traded within the day's range of ₹193.00 to ₹198.30 on a volume of 25,300 shares.Disclaimer: Due care and diligence have been taken in compiling and presenting news and market-related content. However, errors or omissions may arise despite such efforts.
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