Suraj Industries Ltd announced that its Board of Directors has approved the acquisition of additional equity shares in Shri Gang Industries and Allied Products Limited during a meeting held on March 26, 2026. The strategic acquisition aims to consolidate the company's shareholding in the breweries and distilleries business.

Board Meeting Outcome

The Board meeting, which commenced at 01:30 P.M. (IST) and concluded at 02:15 P.M. (IST), approved two separate acquisitions from promoter group members in accordance with Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Following these acquisitions, Suraj Industries' shareholding in Shri Gang Industries will increase to 20.27% from the current 20.02% of the paid-up equity share capital. Both transactions fall under related party transactions and were reviewed and approved by the Audit Committee before Board consideration.

Target Company Profile

Shri Gang Industries and Allied Products Limited operates in the breweries and distilleries sector with established manufacturing capabilities. The company was incorporated on August 02, 1989, and maintains its presence exclusively in India.

Business Operations

• Bottling Plant: Established facility for Indian Made Foreign Liquor (IMFL) and Country Liquor at Sandila, District Hardoi, Uttar Pradesh, commencing commercial production in July 2020
• Distillery Unit: Grain-based distillery commissioned in September 2022, enhancing production capabilities and diversifying revenue streams
• Strategic Partnerships: Exclusive manufacturing arrangement with United Spirits Limited for prestigious IMFL brands and long-term supply agreement for Extra Neutral Alcohol (ENA)

Financial Performance

Shri Gang Industries has demonstrated strong financial growth over the past three years:

Transaction Structure

The acquisition will be executed through cash consideration, with the price determined as the average of opening and closing market prices of Shri Gang's equity shares on BSE Limited on the working day immediately preceding the transaction execution date. The acquisition is estimated to be completed within 30 days from March 26, 2026.

Apart from approvals required under the Companies Act, 2013 and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, no additional governmental or regulatory approvals are necessary for this acquisition. The transactions have been undertaken on an arm's length basis.

Source: None/Company/INE170U01011/0b03df81-f50d-461c-bd64-4436be7d2ff1.pdf

Suraj Industries Ltd. has completed the acquisition of additional equity shares in Shri Gang Industries and Allied Products Limited, following board approval granted during a meeting held on March 19, 2026. The company has successfully executed the strategic transaction and filed an update with BSE Limited under Regulation 30 of SEBI regulations on March 23, 2026.

Transaction Completion

The company has successfully completed the acquisition of equity shares from promoter group members as planned. Company Secretary Snehlata Sharma confirmed the transaction completion through an official regulatory filing.

Board Meeting Outcome

The board meeting was conducted from 04:00 P.M. to 05:00 P.M. (IST) on March 19, 2026, where directors considered and approved the acquisition of equity shares from promoter group members. Both transactions were classified as related party transactions and were reviewed and approved by the Audit Committee before board consideration.

About Shri Gang Industries

Shri Gang Industries and Allied Products Limited operates in the breweries and distilleries sector with established manufacturing facilities in Uttar Pradesh. The company was incorporated on August 02, 1989, and has demonstrated consistent growth in recent years.

Business Operations

Shri Gang has established comprehensive production capabilities including a bottling plant for Indian Made Foreign Liquor (IMFL) and Country Liquor facility at Sandila, District Hardoi, Uttar Pradesh, with commercial production commencing in July 2020. The company also operates a grain-based distillery commissioned in September 2022, along with strategic partnerships including an exclusive manufacturing arrangement with United Spirits Limited for prestigious IMFL brands.

Financial Performance

Shri Gang Industries has shown strong financial growth over the past three years:

The financial data demonstrates significant revenue growth and improved profitability, with turnover increasing from Rs. 138.68 crore in 2022-23 to Rs. 352.62 crore in 2024-25. The acquisitions were conducted on an arm's length basis with cash consideration, and the acquisition price was determined as the average of opening and closing market prices of Shri Gang's equity shares on BSE Limited.