Update on acquistition of Equity shares of VRV Foods Limited from Promoter group persons/entities and consequent classification of VRV Foods Limited as an Associate Company of the Company.
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Suraj Industries Ltd has completed the acquisition of 22,50,000 equity shares of VRV Foods Limited from promoter group persons/entities at Rs. 66 per share, aggregating to Rs. 14.85 crore on March 9, 2026. This is part of a larger approved acquisition of 56,25,400 shares. After this purchase, Suraj Industries holds 20.01% of VRV Foods' paid-up equity share capital, making VRV Foods an Associate Company of Suraj Industries under Section 2(6) of the Companies Act, 2013. The deal was approved by the Audit Committee, Board of Directors, and shareholders at an EGM held on March 6, 2026.
This is a strategic investment that gives Suraj Industries significant influence over VRV Foods without taking full control, potentially leading to synergies in the food business. Shareholders should note the deployment of Rs. 14.85 crore in an associate company, which may impact future earnings through share of associate profits but also carries execution and integration risk.