Suraj Estate Developers Limited has completed its original ₹70 crore debt raising plan by allotting the remaining balance of ₹10 crore worth of unlisted, secured, rated, redeemable Non-Convertible Debentures (NCDs) on a private placement basis. The allotment was executed on July 23, 2026, following approval by the Management Committee of the Board of Directors under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. This issuance marks the conclusion of the debt facility approved on February 29, 2024, with only this final ₹10 crore portion currently outstanding after the earlier tranches were fully redeemed.

The debentures were allotted to IDBI Trusteeship Services Limited, acting as the Trustee of India Real Estate Investment Fund – Series 2. This Alternative Investment Fund is registered with the Securities and Exchange Board of India (SEBI) under the SEBI (Alternative Investment Funds) Regulations, 2012. The fund is now managed by ICICI Prudential Asset Management Company Limited, which replaced ICICI Venture Funds Management Company Limited as the investment manager. Previously, the company had allotted ₹60 crore worth of NCDs to the same fund on February 29, 2024, but has since fully redeemed and repaid that earlier tranche in accordance with the terms of the issue.

Key Terms of the Allotment

The NCDs carry a face value of ₹10 each, with a total of 1,00,00,000 debentures allotted. The instruments are secured by paripassu charges over specific properties owned by the company or its wholly-owned subsidiary. These include a plot at Sayani Road, Prabhadevi, Mumbai, and a leasehold plot at Shivaji Park, Dadar, Mumbai, along with associated development rights.

Interest and Redemption Structure

The NCDs offer a Return on Investment (ROI) of 17% accrued on a monthly basis. However, the interest payment schedule is structured in two phases. For the first 24 calendar months from the date of initial disbursement, interest will be paid at the rate of 12% per annum on a monthly basis. From the 25th month onwards, interest will be paid at the rate of 17% per annum on a monthly basis.

Any interest accrued but not paid during the first 24 months will be paid in 18 equal monthly installments starting from the 25th month. Interest payments are due on the 15th day of each calendar month, computed on the outstanding daily balance. Principal redemption will occur in 24 monthly installments starting from the 25th month from the initial disbursement date, also payable on the 15th day of each respective month.

What the Numbers Show

The staggered interest structure indicates a front-loaded lower cost of debt for the initial two years, rising to a higher rate of 17% in the final 14 months of the instrument's tenure. This structure suggests the company may have negotiated favorable initial terms while acknowledging higher market rates or risk premiums toward the end of the maturity period. The security provided by tangible real estate assets in prime Mumbai locations mitigates credit risk for the investors, aligning with the secured nature of the debentures.

Suraj Estate Developers Limited disclosed that its promoters and promoter group hold 3,33,44,279 equity shares as of March 31, 2026, with no encumbrance reported during the financial year. The filing confirms that the promoters, along with persons acting in concert, did not pledge or create any charge on the shares directly or indirectly in FY26. This declaration ensures that the shareholding remains free from liabilities, which is a key indicator of financial stability for shareholders.

The disclosure was submitted by Rajan Meenathakonil Thomas, Promoter, Chairman and Managing Director, on behalf of the promoter group. The submission was made to the National Stock Exchange of India Limited and BSE Limited on April 06, 2026, in compliance with Regulation 31 of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 ("SAST Regulations").

Shareholding Details

The annual disclosure provides specific details regarding the promoter's holding status as of the end of the financial year.

Regulatory Compliance

The filing was addressed to the Audit Committee of Suraj Estate Developers Limited and the stock exchanges to fulfill regulatory obligations. Mukesh Kumar Gupta, Company Secretary & Compliance Officer, authenticated the document on behalf of the company. The information is also available on the company's official website.