Suraj Industries Limited announces rights issue

The duly authorized Rights Issue Committee of the Board of Directors of Suraj Industries Limited in its meeting held on December 18, 2023 has approved the following terms of Rights Issue:

Instrument: Partly paid-up Equity Shares (Rs. 5/- paid-up per Equity Share) of face value of Rs. 10/- each.

Rights Issue Shares: 29,97,375 (Twenty Nine Lakh Ninety Seven Thousand Three Hundred and Seventy Five) Partly paid-up Equity Shares of face value of Rs. 10/- each.

Rights Issue Price: Rs.65/- (Rupees Sixty-Five only) per Rights Equity Share (including a premium of Rs. 55/- per Rights Equity Share). An amount of Rs. 32.50/- per Rights Equity Share (including a premium of Rs. 27.50/- per Rights Equity Share) to be paid on Application and balance to be paid in one call as determined by our Board at its sole discretion from time to time.

Rights Issue Size: Rs.19,48,29,375* (Rupees Nineteen Crores Forty Eight Lakh Twenty Nine Thousand Three Hundred and Seventy Five Only) in total. Considering the amount payable on Application (Rs. 32.50/- per Equity Share) the Rights Issue amount on Partly Paid Shares, assuming full subscription will be Rs. 9,74,14,687.50/-.

Rights Entitlement Ratio: 7 (Seven) Rights Equity Share for every 30 (Thirty) Equity Shares held by eligible shareholders as on the Record Date (to be notified later).

* Assuming Full Subscription and receipt of all Call Monies with respect to Rights Equity Shares.

Shares of SURAJ INDUSTRIES LTD. was last trading in BSE at Rs. 101.65 as compared to the previous close of Rs. 103.20. The total number of shares traded during the day was 3221 in over 54 trades.

The stock hit an intraday high of Rs. 103.95 and intraday low of 101.35. The net turnover during the day was Rs. 330150.00.

Source : Equity Bulls

Keywords

SURAJINDUSTRIES INE170U01011 RightsIssue FundRaising 7For30