Sumit Woods Injects Fresh Capital of Rs. 86 Cr to Power Future Projects
Dec 12, 2024
PNN
Mumbai (Maharashtra) [India], December 12: Sumit Woods Limited. (NSE - SUMIT), a leading real estate redevelopment player with over 38 years of experience in the Mumbai market, Sumit Woods has consistently shaped the urban landscape through trust, quality, and innovation.
The company has announced the successful allotment of 46,81,709 equity shares at Rs115 per share (face value Rs10 each) to non-promoter investors. This strategic initiative reflects the unwavering confidence of investors in the company's financial strength and growth potential.
As per the company's special resolution passed on September 28, 2024, the Board of Directors approved the preferential allotment of 27, 65,000 convertible warrants at Rs115 each, with a face value of Rs10 at the meeting held on December 06, 2024, and December 11, 2024. These warrants, which are convertible into an equal number of equity shares, will be issued to both promoters and non-promoters.
The allotment, amounting to a significant capital infusion, is poised to enhance the company's ability to deliver on its ambitious project pipeline. The funds will be allocated to ensure the timely completion of quality developments, further reinforcing Sumit Woods Limited's commitment to creating vibrant communities.
This latest development marks another milestone in Sumit Woods Limited's journey as it accelerates growth while adhering to its mission of operational excellence and stakeholder satisfaction.
Commenting on the development, Mitaram Jangid, Managing Director of Sumit Woods Limited, said: "The successful allotment of equity shares is a significant milestone for Sumit Woods Limited, reaffirming the trust and confidence of our investors in our vision and strategy. This capital infusion strengthens our financial foundation, allowing us to accelerate project execution and deliver high-quality spaces that enhance communities.
We remain steadfast in our commitment to creating transformative developments that uphold the legacy of trust, innovation, and excellence that Sumit Woods is known for. This marks a new chapter in our journey of growth and value creation for all stakeholders."
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