Suraj Industries Ltd updates on acquisition

The Board of Directors of Suraj Industries Ltd. in their meeting held on October 23, 2021 has given approval for acquiring 28,50,000 equity shares (face value - Rs 10/- per share) representing 50% equity share capital and 6,40,000 Preference Shares (face value - Rs 100/- per share) of M/s Express Infra Financial Consultancy Pvt Ltd at a fair market value to be determined by an Independent Valuer in accordance with the provisions of Income Tax Act and Rules made thereunder.

The board also took note of the permission received from the Excise Commissioner Rajasthan for the 'Agreement for Tie-up Manufacture of Rajasthan Made Liquor Products' executed with M/s Globus Spirits Ltd (GSL). As per the Agreement GSL has allowed the Company for packaging of Rajasthan Made Foreign Liquor products of GSL at the Bottling Plant of the Company situated at the premises of M/s Rajasthan State Ganganagar Sugar Mills Ltd. Taragarh Road, Ajmer, Rajasthan.

The Agreement is initially valid till 31.03.2022 and can be extended on mutually agreeable terms.

The order is for Packaging of 75000 cases (cartons) per quarter of Rajasthan made liquor in aseptic brick pack of 180 ml. Each case containing 48 packs of 180 ml.

Shares of SURAJ INDUSTRIES LTD. was last trading in BSE at Rs. 20.23 as compared to the previous close of Rs. 19.27. The total number of shares traded during the day was 380 in over 6 trades.

The stock hit an intraday high of Rs. 20.23 and intraday low of 20.23. The net turnover during the day was Rs. 7687.00.

Source : Equity Bulls

Keywords

SURAJINDUSTRIES INE170U01011 Acquisition LiquorProducts