Real estate company Suraj Estate Developers Ltd has been making waves in the stock market, delivering impressive returns and catching the attention of major investors. One such notable investment is from LIC Mutual Fund’s Flexi Cap Fund, which recently bought shares in the company. With a strong focus on the South Central Mumbai (SCM) market and specialization in redevelopment projects, Suraj Estate Developers is proving to be a rising star in the real estate sector.
LIC Mutual Fund Buys 2.83 Lakh Shares of Suraj Estate
On 17th September 2024, LIC MF Flexi Cap Fund purchased 283,616 shares of Suraj Estate Developers. According to the bulk deal data from NSE, this acquisition was made at an average price of Rs 758.89 per share. This purchase has raised the company’s market cap to Rs 3,453 crore, with the share price currently closing at Rs 778.50 on 18th September. The company’s stock has been performing strongly, reaching a 52-week high of Rs 842, while its 52-week low stands at Rs 256.
Shareholders Approve Rs 500 Crore Fundraising Plan
Suraj Estate Developers recently gained approval from its shareholders to raise Rs 500 crore through the preferential issue of equity shares and convertible warrants. Rahul Rajan Jesu Thomas, Whole Time Director of Suraj Estate Developers, expressed his gratitude for the support, stating that this capital raise will allow the company to further accelerate its growth plans and strengthen its market position. The funds raised will also help the company develop more projects and create long-term value for shareholders. However, the plan is still awaiting approval from statutory authorities.
Current and Upcoming Projects Boosting the Company’s Growth
The company is actively developing 13 projects with a total developable area of 20.34 lakh square feet, which includes 6.1 lakh square feet of saleable RERA carpet area. Additionally, Suraj Estate Developers has 18 upcoming projects in the pipeline, offering an estimated carpet area of 9.01 lakh square feet. With a strong portfolio and focus on the SCM market, the company continues to attract significant investor interest.
Massive 176% Return in Just Six Months
Investors in Suraj Estate Developers have witnessed incredible returns in recent months. Over the last six months, the company’s stock has surged by 176%, making it one of the best-performing real estate stocks in India. So far in 2024, the shares have risen by 135%, reflecting the strong confidence that investors have in the company’s future prospects.
Suraj Estate Developers has established itself as a trusted name in the real estate sector, with a reputation for delivering high-quality projects. The company’s focus on innovation, sustainability, and customer satisfaction has contributed to its strong market performance and long-term growth.
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