Acquisition
Price
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Suraj Industries Ltd's board has approved acquiring 63,78,354 additional equity shares of Carya Chemicals and Fertilizers Pvt Ltd at Rs. 12.60 per share for a total cash consideration of about Rs. 8.04 crore. The shares are being bought from Mr. Suraj Prakash Gupta (Rs. 2.86 crore) and Sarth Agbev and Energy Pvt Ltd (Rs. 5.17 crore), both related party transactions. Post-acquisition, Suraj Industries' stake in Carya will rise from 85.75% to 95.44%, further consolidating its control. Carya is in the distillery and liquor business, having started commercial operations of its IMFL and country liquor bottling plant in April 2025, with a distillery for Extra Neutral Alcohol under construction. Additionally, the board approved a Rights Issue of partly paid-up equity shares for up to Rs. 120 crore to eligible shareholders to raise funds.
For shareholders, this is a significant step-up in the company's focus on the liquor and distillery business, as it deepens its control over Carya, though Carya has reported zero revenue so far. The Rs. 120 crore rights issue will dilute existing shareholders and raise capital, likely to fund the acquisition and/or Carya's expansion, so shareholders should watch the rights entitlement ratio and use-of-funds details once announced.