Outcome of the Right issue committee meeting of the Board of Directors held on February 19,2026.
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Suraj Industries held a Rights Issue Committee meeting on February 19, 2026, to review the response to the First Call money on its earlier rights issue. Out of 2,99,25,394 partly paid-up shares (Rs. 2.5 paid-up out of Rs. 10 face value), the company received Rs. 20.91 crore from 2,09,08,655 shareholders (~70% of eligible shares), with the call money period running from February 2 to February 16, 2026. These 2.09 crore shares will now be converted from Rs. 2.5 paid-up to Rs. 5 paid-up status, subject to listing approvals. For the remaining 90,16,739 shares (Rs. 9.02 crore unpaid), the company has approved a Final Reminder cum Forfeiture Notice with payment window from February 25 to March 11, 2026. The company has also waived the 12% per annum interest penalty originally applicable on non-payment of call money.
Shareholders who did not pay the First Call money have a final chance (until March 11, 2026) to pay up, failing which their shares may be forfeited. Existing shareholders should note the dilution risk if large-scale forfeiture happens, while those who paid will see their shares move to a higher paid-up status.