Public Market

IPO

Realtor Suraj Estate Developers to raise Rs.500-Cr

MoneyControl  

Suraj Estate Developers Ltd has filed preliminary papers with Sebi to raise INR 500 crore through an IPO. The funds will be raised through a fresh issuance of equity shares. Centrum Capital and Anand Rathi Advisors are the book running leads managers to the issue. Of the total, INR 315 crore will be used for payment of the borrowings of the company and its subsidiaries — Accord Estates, Iconic Property Developers and Skyline Realty. Around INR 45 crore will be used for acquisition of land or land development rights. The balance will be used for general corporate purposes.