Suraj Estate Developers Ltd, a real estate player focused on South Central Mumbai (SCM) market with specialisation in redevelopment projects, has pared its debt level by 38 per cent to Rs 340.86 crore in the current quarter, a company statement said on Tuesday.
The company had a debt level of Rs 554.3 crore as of September 30, 2023.
Suraj Estate Developers repaid high-cost debt to the tune of Rs 285 crores in the month of January 2024 using the IPO proceeds, the company said.
An additional Rs 23.5 crores of unsecured debt is repaid from gross collection proceeds, resulting in lower interest costs and strengthened balance sheet. We shall see this benefit of reduced interest costs from Q4FY24 onwards, Rahul Thomas, Executive Director, Suraj Estate Developers, said.
The realty player raised around Rs 400 crore through an initial public offering in December last year. It was listed on exchanges on December 26.
Suraj Developers reported a sequential 2.4 per cent growth in total income
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