Sunteck Realty jumps as board clears Rs 500 crore warrant issue

Sunteck Realty rose 3.52% to Rs 465.50 after the company's board approved the issuance of 1.18 crore convertible warrants through preferential allotment, raising nearly Rs 500 crore at an issue price of Rs 425 per warrant.

The issue will be made to a mix of promoter and non-promoter investors, including Samagra Wealthmax, Glint Infraprojects, Bhuwalka Steel Industries, Utpal Sheth, Mukul Agrawal, BW South Asia and NTAsian Discovery Master Fund.

The warrants, each convertible into one equity share, can be exercised within 18 months, with 25% of the issue price payable upfront. The proposal is subject to shareholder and regulatory approvals.

In the same meeting, the board appointed architect Ajeet Singh as additional and whole-time director for five years, effective 5 September 2025, pending shareholder approval.

Sunteck Realty is a Mumbai-based luxury real estate developer with a development portfolio of 52.5 million square feet across 32 projects.

The company reported a 46.75% rise in net profit to Rs 33.43 crore, despite a 40.45% decrease in revenue from operations to Rs 188.32 crore in Q1 FY26 over Q1 FY25.

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