Suraj Estate Developers Ltd has filed preliminary papers with capital markets regulator Sebi to mop-up Rs 500 crore through an initial public offering (IPO).

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The funds will be raised through fresh equity shares, the draft red herring prospectus (DRHP) filed with SEBI showed.

Funds to the tune of Rs 315 crore will be used to pay the borrowings of the company and its subsidiaries, According to Estates, Iconic Property Developers and Skyline Realty.

Suraj Estate Developers has been involved in the real estate business since 1986 and develops real estate across the residential and commercial sectors in the South Central Mumbai region.