Suraj Estate Developers Limited, a leading real estate player focused on the South-Central Mumbai (SCM) market with specialisation in redevelopment projects announced its unaudited financial results for the quarter and half year ended September’24.
Pre-Sales saw a growth of 26% y-o-y in Q2FY25 and 13% in H1FY25 despite a seasonally weak quarter. Realizations grew 10% y-o-y in Q2FY25 and 12% y-o-y in H1FY25 on account of price hikes and better product mix. Collections grew 89% y-o-y in Q2FY25 and 46% y-o-y in H1FY25 on account of increased sales and collection from commercial project CCIL. 40.9% of revenue came from sales of luxury units and 59.1% of revenue was from sales of value luxury units for Q2FY25. FY25 pre-sales guidance is set at Rs 850 crore, comprising Rs 650 crore from residential and Rs 200 crore from commercial segments.
In October 2024, the company issued 34,12,277 equity shares at Rs. 714 per share, raising Rs. 243.64 crore. Additionally, the board approved the allotment of 13,30,000 fully convertible warrants at Rs. 750 per warrant, totalling Rs. 99.75 crore, securing an aggregate sum of ~Rs 343 Crores.
The company has received 25% of the issue price for the warrants (Rs. 187.50 per warrant), totalling to Rs. 24.94 crores. Warrant holders are entitled to apply for the remaining 75% of the issue price (Rs. 562.50 per warrant) within 18 months from the date of warrant issuance.
Post issuance of equity shares and convertible share warrants, the Promoter & Promoter Group holding will be diluted from 74.95% as of 30th September 2024 to 67.71% on a fully diluted basis.
