Suraj Industries Limited successfully collected ₹8,84,81,100 in call money from shareholders for 88,48,110 partly paid-up equity shares, which will be converted from ₹2.50 to ₹5.00 paid-up status. The company issued a second forfeiture notice for the remaining 1,68,629 shares with outstanding call money of ₹16,86,290, giving shareholders until April 3, 2026, to make payments while waiving the 12% annual interest charge.

Suraj Industries Receives ₹8.84 Crore Call Money, Issues Second Forfeiture Notice

Suraj Industries Limited has announced significant developments regarding its rights issue call money collection and share conversion process. The company received substantial payments from shareholders while issuing final notices for remaining unpaid amounts.

Call Money Collection and Share Conversion

The Rights Issue Committee of the Board of Directors, meeting on March 16, 2026, reviewed the response to the first final reminder-cum-forfeiture notice issued for 90,16,739 partly paid-up rights equity shares. The company successfully collected call money payments covering the majority of outstanding shares.

Parameter: Details Total Call Money Received: ₹8,84,81,100 Number of Shares Paid: 88,48,110 equity shares Original Outstanding Shares: 90,16,739 shares Total Outstanding Amount: ₹9,01,67,390

The committee approved the conversion of 88,48,110 partly paid-up equity shares from ₹2.50 paid-up status to ₹5.00 paid-up status, each having a face value of ₹10.00. The shares will transition from ISIN IN9170U01027 to ISIN IN9170U01035. The company is currently completing necessary formalities for corporate actions and obtaining listing and trading approvals for the converted rights equity shares.

Second Forfeiture Notice Issued

For the remaining unpaid shares, the company has taken decisive action to recover outstanding amounts. The Rights Issue Committee addressed the balance of partly paid-up shares that did not respond to the initial notice.

Outstanding Details: Amount Remaining Unpaid Shares: 1,68,629 equity shares Outstanding Call Money: ₹16,86,290 Payment Period Start: March 20, 2026 Payment Period End: April 3, 2026

The second final reminder-cum-forfeiture notice provides shareholders with a 15-day window to make their call money payments. This represents the final opportunity for shareholders to retain their rights equity shares before potential forfeiture proceedings.

Interest Waiver Decision

In a shareholder-friendly move, the Rights Issue Committee decided to waive the 12% annual interest that was originally mentioned in the first call money notice. This waiver applies to all shareholders regarding monies payable on the first call, potentially reducing the financial burden on those making delayed payments.

Timeline and Process

The original final reminder-cum-forfeiture notice had a payment period from February 25, 2026, to March 11, 2026. The Rights Issue Committee meeting on February 19, 2026, had initially approved issuing notices for the full amount of ₹9,01,67,390 across all outstanding shares.

The committee meeting on March 16, 2026, lasted from 5:00 PM to 5:20 PM, during which all major decisions regarding share conversion and the second forfeiture notice were finalized. The company is now proceeding with necessary regulatory compliance and shareholder communication for the remaining outstanding amounts.

Suraj Industries Ltd. has completed a significant strategic acquisition, purchasing equity shares worth Rs. 14.85 crore in VRV Foods Limited. The transaction, finalized on March 09, 2026, marks a major milestone in the company's expansion strategy and establishes VRV Foods as its associate company.

Acquisition Details

The company successfully acquired 22.50 lakh equity shares of VRV Foods Limited from promoter group persons and entities. The acquisition parameters demonstrate the strategic nature of this investment:

Parameter: Details Share Price: Rs. 66.00 per equity share Shares Acquired: 22,50,000 equity shares Total Investment: Rs. 14,85,00,000 Transaction Date: March 09, 2026 Resulting Shareholding: 20.01% of paid-up equity capital

Regulatory Approvals and Compliance

The acquisition received comprehensive approvals through proper corporate governance channels. The transaction was part of a larger approved plan for acquiring 56.25 lakh equity shares in VRV Foods Limited. Key approvals included authorization from the company's Audit Committee and Board of Directors, ensuring thorough due diligence and strategic alignment.

Shareholder approval was obtained at an Extra-Ordinary General Meeting held on March 06, 2026, demonstrating transparency and adherence to corporate governance standards. The company had previously informed stakeholders about this acquisition through intimations dated February 07, 2026.

Associate Company Classification

Following the completion of this acquisition, VRV Foods Limited has been classified as an associate company of Suraj Industries Ltd. This classification is in accordance with Section 2(6) of the Companies Act, 2013, and applicable provisions of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

The 20.01% shareholding provides Suraj Industries with significant influence in VRV Foods' operations while maintaining the associate company status. This strategic positioning allows for potential synergies and collaborative opportunities between the two entities.

Corporate Communication

The announcement was made through proper regulatory channels, with Company Secretary and Compliance Officer Snehlata Sharma signing the official communication to BSE Limited. The disclosure fulfills requirements under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, ensuring transparency with stakeholders and regulatory compliance.

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