Intimation under Regulation 30 of SEBI (LODR), 2015.
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Suraj Industries Ltd has informed BSE about an update on its acquisition of 75,000 equity shares in Shri Gang Industries and Allied Products Limited. Shri Gang has allotted 3,50,000 equity shares (face value Rs. 10) via conversion of an equal number of 0.01% Compulsorily Convertible Preference Shares (CCPS) at Rs. 76 per share, through a preferential allotment to public-category investors. As a result, Shri Gang's paid-up equity capital rose to Rs. 18.28 crore (1,82,80,000 shares) from Rs. 17.93 crore (1,79,30,000 shares). Because Suraj Industries did not participate in this fresh allotment, its shareholding in Shri Gang has been diluted to 20.10% of the expanded capital.
The dilution slightly reduces Suraj Industries' proportional ownership in Shri Gang Industries, though Suraj remains a significant shareholder. The fresh capital raised by Shri Gang at Rs. 76 per share could strengthen the investee company's balance sheet, with no immediate material impact on Suraj Industries' own earnings.