Update on change in shareholding/ Equity Stake in M/s Shri Gang Industries and Allied Products Limited.
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Suraj Industries informed BSE that Shri Gang Industries and Allied Products (its investee company) has allotted 7,50,000 sweat equity shares to Mr. Varun Gupta, the Chief Operating Officer of Suraj Industries and a member of its Promoter Group, at an issue price of Rs. 99 per share (fair market value Rs. 97.86). As a result of this fresh allotment, the paid-up equity capital of Shri Gang has risen from Rs. 18.28 crore (1.82 crore shares) to Rs. 19.03 crore (1.90 crore shares). Because Suraj Industries did not participate in this allotment, its shareholding in Shri Gang has been passively diluted and now stands at 19.31% of the increased capital.
No shares were sold by Suraj Industries, so there is no direct cash impact; however, its effective economic interest and share of associate-company earnings in Shri Gang have marginally reduced due to dilution. The stock price is unlikely to react materially to this routine disclosure.