Suraj Estate Developers refiles IPO papers
Real estate player Suraj Estate Developers has filed fresh preliminary papers with capital markets regulator Sebi to raise Rs400 crore through an initial public offering (IPO).
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New Delhi: Real estate player Suraj Estate Developers has filed fresh preliminary papers with capital markets regulator Sebi to raise Rs400 crore through an initial public offering (IPO).
Before this, the Mumbai-based realty film filed its draft IPO papers in March 2022. The IPO is entirely a fresh issue of equity shares worth up to Rs400 crore with no offer for sale (OFS) component, according to the fresh draft red herring prospectus (DRHP) filed on Monday. Proceeds to the tune of Rs285 crore would be used towards the payment of debt availed by the company and its subsidiaries -- Accord Estates and Iconic Property Developers-- and up to Rs35 crore for the acquisition of land, the remaining funds will be used for general corporate purposes.