Update on change in Shareholding in M/s Shri Gang Industries and Allied Products Limited.
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Suraj Industries informed BSE about a change in its shareholding in Shri Gang Industries and Allied Products Limited. Shri Gang allotted 7,00,000 equity shares (face value ₹10 each) to its own Promoter & Promoter Group by converting 7,00,000 0.01% Compulsorily Convertible Preference Shares at a conversion price of ₹99 per share. As a result, Shri Gang's paid-up equity capital increased to ₹19.73 crore, comprising 1,97,30,000 equity shares. Suraj Industries did not participate in this allotment, so its stake in Shri Gang has been diluted and now stands at 19.31% of the increased share capital.
Suraj Industries' holding in Shri Gang has reduced due to a fresh equity issue to Shri Gang's promoter group; no cash outflow or sale is involved, but minority shareholders are passively diluted. This is a routine disclosure and is unlikely to materially affect Suraj Industries' stock price.