Deals5 Oct 2024, 04:57 pm
Suraj Estate Developers Granted In-Principle Approval for Issuing Equity Shares and Warrants
AI Summary
Suraj Estate Developers Ltd has received in-principle approval from the National Stock Exchange of India Limited and BSE Limited for the issuance of 56,05,742 equity shares and 13,30,000 fully convertible warrants to non-promoters on a preferential basis. The approval is subject to certain conditions, including the receipt of statutory approvals and compliance with guidelines and regulations. The company is advised to strengthen internal controls and obtain undertakings from allottees to avoid non-compliances. The allottees are also advised not to engage in intra-day trading or any sale in the scrip of the company till the allotment date.
Key Highlights
- Suraj Estate Developers Ltd has received in-principle approval from National Stock Exchange of India Limited and BSE Limited for issuing equity shares and warrants.
- The approval is subject to the company fulfilling certain conditions, including the receipt of statutory approvals and compliance with guidelines and regulations.
- The company is advised to strengthen internal controls and obtain undertakings from allottees to avoid non-compliances.
- The allottees are advised not to engage in intra-day trading or any sale in the scrip of the company till the allotment date.
- The company is required to make a listing application without delay after the allotment of securities.