LIC Mutual Fund Grabs 3 Lakh Shares in Multibagger Suraj Estate Developers Amid Stock Dip – What’s Next?
On Thursday, September 19, shares of Suraj Estate Developers dropped by nearly 2% during trading on the NSE, breaking their three-day winning streak. Despite this, the company announced that LIC Mutual Fund’s Flexi Cap Fund had purchased close to 3 lakh shares on September 17. According to NSE data, LIC Mutual Fund bought 2,83,616 shares at an average price of ₹758.89.
The stock opened at ₹784, slightly higher than its previous close of ₹782.10 but fell to ₹770, down by 1.5%.
Suraj Estate Developers Stock Performance
Suraj Estate Developers has seen strong growth over the last six months. The stock reached its 52-week low of ₹255.80 on March 27, but surged to a 52-week high of ₹847 on August 20. At its current price of ₹770.05, the stock has climbed over 200% from its lowest point in just six months.
While the stock has dipped by 4% in September, it gained 30% in June, 39% in July, and 15% in August.
Company Updates and Capital Raising
Suraj Estate Developers recently received shareholder approval to raise ₹500 crore by issuing new shares and convertible warrants. After this issuance, the promoter group’s stake will decrease from 74.95% as of June 30, 2024, to 64.82%.
The company plans to use the raised capital for land acquisition, working capital, and general corporate expenses. Rahul Rajan Jesu Thomas, the company’s whole-time director, expressed excitement about the capital raise and said it would help the company grow and create long-term value for shareholders.
Dividend Announcement and AGM
Suraj Estate Developers has set September 20 as the record date for dividend payments. The company’s annual general meeting will be held on September 26.
Business Focus and Growth
Suraj Estate Developers is primarily involved in redevelopment projects and has a strong presence in South Central Mumbai (SCM). The company focuses on luxury and commercial real estate but is now expanding into residential development in the Bandra area.
The company has 13 ongoing projects, covering an area of 20.34 lakh square feet, and plans 18 future projects with an estimated carpet area of 9.01 lakh square feet.
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