Monitoring Agency Report for the quarter ended December 31,2025,
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Suraj Industries Ltd has submitted the Monitoring Agency Report from Acuité Ratings & Research for the quarter ended December 31, 2025, covering utilization of proceeds from its Rights Issue of ₹119.70 crore. So far, only ₹29.925 crore has been raised (via partly paid shares), of which ₹23.622 crore has been deployed across objects and ₹6.304 crore sits unused in an IDBI Bank current account. Key utilization includes ₹11.544 crore invested in subsidiary Carya Chemicals & Fertilizers for a distillery unit, ₹8.037 crore for acquiring additional equity in Carya from existing shareholders, ₹0.40 crore toward unsecured loan repayment, ₹3.591 crore for general corporate purposes and unidentified acquisitions, and ₹0.05 crore in issue expenses. No money has been deployed yet for the ₹14.99 crore Capex on corrugated boxes and PET bottles manufacturing. The agency reported no deviations from the stated objects, no delays, and no major favorable or unfavorable events.
The report confirms funds are being used as planned with no red flags, which is reassuring for shareholders. However, the Capex on corrugated boxes and PET bottles has not begun, and only about a quarter of the total Rights Issue proceeds have been raised so far, meaning further calls on shareholders are likely. Investors should watch progress on the unutilized ₹14.99 crore Capex and the remaining fund calls.