LIC Mutual Fund buys 2.83 lakh equity shares of Suraj Estate Developers

LIC Mutual Fund - Flexi Cap Fund has bought 2,83,616 shares in Realty firm Suraj Estate Developers Ltd for an averge price of price of Rs. 758.89.

Meanwhile, the company informed exchanges that it has secured shareholder approval to raise Rs 500 crore via a preferential issue of equity shares and warrants. 

"Shareholders overwhelmingly supported the proposed fundraise, which includes issuing approximately Rs. 500 crore through preferential equity shares and convertible warrants, subject to statutory approvals," the company said in an exchange filing.

Additionally, shareholders approved the creation, offer, and issue of 13,30,000 fully convertible warrants for cash at an issue price of Rs 750.

"Post issuance of equity shares and convertible share warrants, the Promoter & Promoter Group holding will be diluted from 74.95% as of 30th June 2024 to 64.82%," the filing reads.

Earlier in April, the company acquired a 1,073 square metres plot in Mumbai for Rs 33 crore to build a project.

in a regulatory filing, the company informed that it has "acquired a freehold plot of land admeasuring 1,073.42 square metres situated off Lady Jamshedji Road, Mahim (West), Mumbai for a total consideration of Rs 33.10 crores." This is a redevelopment project. It entails the redevelopment of 7 tenants/occupants who have vacated their respective premises and the plot is rendered vacant.