Suraj Estate Developers has announced the acquisition of Hally Pacific Private Limited, marking a strategic expansion into Mumbai's premium real estate market. The acquisition is positioned to facilitate a major development project in Prabhadevi, one of Mumbai's sought-after localities.

Project Details

The acquisition centers around a potential development project with substantial financial scope:

Strategic Significance

The Prabhadevi location represents a prime real estate opportunity in Mumbai's central business district. The area is known for its connectivity, infrastructure development, and proximity to major commercial hubs. This acquisition aligns with the company's strategy to establish presence in high-value Mumbai real estate markets.

Financial Implications

With a potential Gross Development Value of ₹200 crore, this project represents a significant undertaking for Suraj Estate Developers. The GDV indicates the total estimated value of the completed development, reflecting the scale and ambition of the planned project in the Prabhadevi area.

Market Position

This acquisition demonstrates the company's commitment to expanding its portfolio in Mumbai's competitive real estate landscape. The move positions Suraj Estate Developers to capitalize on the demand for quality developments in well-connected Mumbai localities, particularly in areas like Prabhadevi that offer both residential and commercial potential.

Suraj Estate Developers Limited has successfully completed the allotment of non-convertible debentures worth ₹45 crore following the management committee meeting held on February 21, 2026. The company informed stock exchanges about the outcome of the meeting that was initially scheduled for February 20, 2026, to deliberate on the significant fundraising initiative.

NCD Allotment Details

The management committee approved the allotment of 4.5 crore unlisted, secured, non-convertible debentures to IDBI Trusteeship Services Limited. The allotment represents a strategic funding arrangement through private placement basis with specific terms designed to meet the company's capital requirements.

Interest Structure and Payment Terms

The NCDs carry a structured interest payment mechanism with varying rates across different periods. The interest structure provides for monthly payments with a moratorium period for principal repayment, offering flexibility in the initial phase.

Security and Collateral Framework

The debentures are secured by comprehensive charges over multiple prime properties located across strategic Mumbai locations. The security structure encompasses both paripassu and exclusive charges over various development projects.

Strategic Partnership and Fund Utilization

The allotment to IDBI Trusteeship Services Limited represents a significant institutional partnership. The entity acts as Trustee of India Real Estate Investment Fund Series 2, an Alternate Investment Fund organized as a contributory trust under Indian law. The fund is registered with SEBI as a venture capital fund under Alternate Investment Fund Regulations and operates through ICICI Venture Funds Management Company Limited as its investment manager.

Regulatory Compliance and Documentation

The company has fulfilled all regulatory requirements under SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Company Secretary and Compliance Officer Mukesh Gupta, holding ICSI Membership No. F6959, digitally signed and submitted the formal notifications to both NSE (Symbol: SURAJEST) and BSE (Scrip Code: 544054) on February 21, 2026. The comprehensive documentation includes detailed annexures covering all aspects of the NCD issuance, security arrangements, and repayment schedules.

Source: None/Company/INE843S01025/ee2ea8a8-6864-4309-9d1c-7637b0f38bd4.pdf