Acquisition of 75000 Equity Shares of M/s Shri Gang Industries and Allied Products Limited, An associate Company , from Mr. Ritesh Gupta, Joint Managing Director & member of the Promoter Group.
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Suraj Industries Ltd's Board has approved buying 75,000 equity shares of Shri Gang Industries and Allied Products Ltd, an associate company in the breweries & distilleries space. The shares will be bought from Mr. Ritesh Gupta, Joint Managing Director and a promoter group member, making it a related party transaction (done at arm's length and approved by the Audit Committee). This will raise Suraj Industries' stake in Shri Gang from 20.08% to 20.50%. The deal is for cash, priced at the previous trading day's closing price, and is expected to close within 30 days. Shri Gang, which manufactures IMFL and country liquor under an exclusive arrangement with United Spirits Ltd, posted FY25 turnover of Rs. 352.62 crore and profit after tax of Rs. 29.33 crore, nearly doubling its PAT from Rs. 14.79 crore in FY24.
This is a small stake increase (just 0.42 percentage points) in an already-held associate company and is unlikely to move the needle on Suraj Industries' financials. The related-party nature may attract some governance scrutiny, but since it is at arm's length and aimed at consolidating the existing investment, the direct impact on shareholders is minimal.