Suraj Industries Ltd board approves rights isue

The Board of Directors of Suraj Industries Ltd in its meeting held on Friday, February 10, 2023 considered and approved, the fund raising by way of Rights Issue of Equity Shares, to the eligible equity shareholders of the Company as on record date (to be notified later), for a maximum amount of not exceeding Rs. 20,00,00,000 (Rupees Twenty Crore Only) ("the Issue"), subject to applicable laws, at an issue price of Rs 65/- per share, for the purpose of -

a) infusion of funds to the extent of Rs. 17,50,00,000/- (Rupees Seventeen Crores Fifty Lakh only) in the subsidiary of the Company, Carya Chemicals & Fertilizers Private Limited (Carya), either from own funds or by securing loans for the same.

b) expansion in company's existing business, working capital requirement and other general corporate purpose.

The board also constituted 'Rights Issue Committee' to decide and finalize the number of rights shares to be issued and other terms and conditions of the Issue, including but not limiting to the deciding the record date, timing, other terms and schedule of payment and all other related matters etc, from time to time.

Shares of SURAJ INDUSTRIES LTD. was last trading in BSE at Rs. 123.60 as compared to the previous close of Rs. 120.10. The total number of shares traded during the day was 2603 in over 34 trades.

The stock hit an intraday high of Rs. 124.90 and intraday low of 118.00. The net turnover during the day was Rs. 320136.00.

Source : Equity Bulls

Keywords

SURAJINDUSTRIES INE170U01011 FundRaising RightsIssue