Suraj Industries jumps 3% ahead of fund-raising plan

30 Mar 2022 , 09:19 AM

Suraj Industries Limited informed that in its meeting held on March 29, 2022, the company has approved a preferential issue.

The preferential issue will be upto 16,55,172 Equity Shares with the face value of Rs10 per share at an issue price of Rs145 per share aggregating to Rs23,99,99,940 to person(s) belonging to the non-promoter category.

The issue also consists of 5,51,724 Fully Convertible Warrants (‘Warrants’), each carrying a right exercisable by the Warrant holder to subscribe to one Equity Share of the face value of Rs10 per share, at an issue price (including the warrant subscription price and the warrant exercise price) of Rs145 per Warrant aggregating to Rs7,99,99,980 to person(s) belonging to Promoter & Promoter Group.

Warrants are convertible into equivalent no. of Equity Shares of the face value of Rs10 each within a maximum period of 18 months from the date of allotment of such Warrants. The consideration for such an issue will be received in cash.

Suraj Industries’ counter jumped 3.03% at Rs132.80 against its previous close of Rs128.90 on BSE. It opened at Rs130 and jumped to an intraday high of Rs132.90 so far.