Update on Acquisition
Price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
On the reaction day the stock moved 3.7 pts more than Nifty Microcap 250 and 3.7 pts more than its Breweries & Distilleries peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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Suraj Industries has allotted 26,92,409 equity shares at Rs. 76 per share (face value Rs. 10) to seven non-promoter allottees as consideration for acquiring shares in Carya Chemicals and Fertilizers Private Limited. The total purchase consideration payable is up to Rs. 20.46 crore, settled entirely through share-based payment (consideration other than cash). Following this allotment, Suraj Industries' shareholding in Carya stands at 85.75%, and its paid-up equity share capital has increased to Rs. 18.52 crore (1,85,25,244 shares). The allottees include entities and individuals such as Apricot Infosoft, Illingworth Advisors LLP, Insurexcellence Advisors, Ayodhya Finlease, and the Lalwani family members.
This is a share-swap acquisition where Suraj Industries is using its own equity to fund the purchase, leading to dilution for existing shareholders but gaining majority control (85.75%) in Carya Chemicals. Shareholders should note the ~14.5% increase in share count and monitor how Carya's chemicals and fertilizers business contributes to consolidated revenues going forward.