Suraj Industries Ltd approves investment in Carya Chemicals and Fertilizers Pvt Ltd

The Investment Committee of the Board of directors of Suraj Industries Ltd has approved investment of Rs.6,58,10,000/- (Rupees Six Crore Fifty-Eight Lakhs Ten Thousand only) in M/s Carya Chemicals & Fertilizers Private Limited (CARYA), an existing Subsidiary of the Company, towards the acquisition of 65,81,000 equity shares in the right issue of CARYA.

Carya is in the process of setting up a green field 125 KL per day grain based Distillery for manufacture of Ethanol / Extra Neutral Alcohol at RIICO Industrial Area, Guwadi & Majhari, Block Shahbad, Dist. Baran, Rajasthan.

It has been allotted 90 acres land by RIICO to set up the project to set up the project and also received Environmental Clearance for the project.

CARYA is already a subsidiary of the Company (holding 62.06 % of the present paid up capital of Carya).

The Company is now acquiring additional 65,81,000 equity shares of CARYA in the right offer of 2,00,96,000 equity shares made by CARYA.

Post the above acquisition, the Company's holding in Carya shall be 50.73% # of the then expanded paid up capital of Carya. Accordingly, Carya will continue to remain subsidiary company.

Shares of SURAJ INDUSTRIES LTD. was last trading in BSE at Rs. 110.40 as compared to the previous close of Rs. 110.50. The total number of shares traded during the day was 620 in over 22 trades.

The stock hit an intraday high of Rs. 113.95 and intraday low of 105.10. The net turnover during the day was Rs. 68883.00.

Source : Equity Bulls

Keywords

SURAJINDUSTRIES INE170U01011 Investment CaryaChemicalsandFertilizers