Outcome of meeting of the Preferential Allotment Committee of the Board of Directors of the Company.
Price
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Suraj Industries Ltd has allotted 26,92,409 equity shares (face value Rs. 10) at an issue price of Rs. 76 per share to seven non-promoter allottees. These shares were issued not for cash but as part-payment (worth about Rs. 20.46 crore) for acquiring up to 1,62,39,946 equity shares in M/s Carya Chemicals and Fertilizers Pvt Ltd. After this allotment, the company's stake in Carya stands at 85.75%, and its paid-up equity share capital has risen to Rs. 18.52 crore (1,85,25,244 shares). Allottees include individuals like Ravi Lalwani, Mahesh Lalwani, Sejal Gambhir and entities like Apricot Infosoft, Illingworth Advisors LLP, Insurexcellence Advisors and Ayodhya Finlease.
The share issuance expands Suraj Industries' paid-up capital by about 17% through a non-cash transaction, effectively using its own shares to fund the Carya acquisition. Shareholders may see dilution, but the company avoids cash outflow and strengthens its holding in Carya to 85.75%. The Rs. 76 issue price is a significant premium over the Rs. 10 face value, reflecting fair valuation.