Suraj Industries to invest in Shri Gang Industries and Allied Products; Stock zooms 5%

9 Jun 2022 , 03:17 PM

The Board of Directors of the Company, Suraj Industries Ltd, at their meeting held on Wednesday, June 08, 2022, has considered and approved the investment upto 20.08% in the expanded Share Capital of Shri Gang Industries and Allied Products Limited by way of subscription upto 36 lalk Equity shares of Shri Gang Industries and Allied Products Limited at par @ Rs 10 per share.

The transaction is at “arms length”. The shares are being acquired at fair market value, said company in a regulatory filing.

Further, the main line of business of SIL is manufacturers of alcoholic liquors and investment in M/s Shri Gang Industries and Allied Products Limited would be in line with the main business of the company.

At around 3:22 PM, Suraj Industries was trading at Rs106.15 apiece up by Rs5.05 or 5% from its previous closing of Rs101.10 apiece on the BSE.