Update on Acquisition.
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Suraj Industries Ltd has completed the acquisition of 25,000 equity shares of Shri Gang Industries and Allied Products Limited ('Shri Gang') from Mr. Vikas Gupta. Separately, Shri Gang has allotted 2,50,000 new equity shares (face value ₹10) to its Promoter and Promoter Group by converting an equal number of 0.01% Compulsorily Convertible Preference Shares (CCPS) at a conversion price of ₹99 per share, via preferential allotment on a private placement basis. Following this capital expansion, Shri Gang's paid-up equity share capital has risen to ₹19.98 crore, comprising 1,99,80,000 equity shares of ₹10 each. As a result, Suraj Industries' shareholding in Shri Gang has been revised upward to 20.02% of its paid-up equity capital.
Suraj Industries has crossed the 20% ownership mark in Shri Gang, making it a significant associate investment. Shareholders should watch for any further disclosures, as crossing certain shareholding thresholds could trigger additional SEBI reporting or takeover regulation obligations.