Suraj Limited to acquire 47.06% in Suraj Enterprise Pvt Ltd

Suraj Limited has agreed to acquire 47.06% Stake/Shares in Suraj Enterprise Private Limited (CIN NO: U27100GJ2005PTC046501) on fully diluted basis, on preferential basis for a cash consideration of approximately Rs. 12.78 Crores.

Upon completion of the aforesaid investment, Suraj Enterprise Private Limited shall become Associate Company of Suraj Limited as per the provision of Companies Act, 2013 and the total holding of Suraj Limited in Suraj Enterprise Private Limited on a fully diluted basis would be 47.06%.

Suraj Enterprise Private Limited was incorporated on July 27, 2005 with an object manufacturers, processors, importers, exporters of and dealers in all kinds of ferrous, and non ferrous metal for any industrial or non-industrial use whatsoever and to carry on the business in cold or hot rolling, re-rolling, slitting, edge-milling, sheeting, stamping, pressing, extruding, forging, drawings, flattening, straightening, heat-treatment of all kinds of steel and other kind of strips, sheet foils, tapes, wires, rods, plates and any other sections, shapes or forms, and any kind of iron and steel founders, steel melter, steel makers, steel shapers and manufacturers, mechanical engineers and fabricator, contractors, tool makers, brass founders, metal workers, manufacturers of steel, metal and malleable grey, casting including ferrous, nonferrous, special and alloy steel, spring steel, forging quality steel manufactures, processors of all types of forged components and accessories, steel rounds, nails, tools, plate makers, wire drawers, tube manufacturers, galvanisers, japanners, rerollers, annealers, enamellers and electro plasters.

By way of the Strategic Investment, the Company and Suraj Enterprise Private Limited shall collaborate towards product development, new technologies, and preferred relationship for supplies in the area of Furious & Non Furious Metal Business.

Suraj Enterprise Private Limited would invest to create incremental capacity for Manufacturing and Trading of Furious & Non Furious Metal Business as required by the Company.

Shares of SURAJ LTD. was last trading in BSE at Rs. 144.40 as compared to the previous close of Rs. 147.80. The total number of shares traded during the day was 15972 in over 184 trades.

The stock hit an intraday high of Rs. 149.80 and intraday low of 141.10. The net turnover during the day was Rs. 2323968.00.

Source : Equity Bulls

Keywords

SURAJ INE713C01016 StakeAcquisition SurajEnterprise