suraj industries has received a request from a promoter group member seeking reclassification to the public category. The company intimated the stock exchanges on May 21, 2026, that Mr. Rajesh Gupta, currently classified under the ‘Promoter Group’ category, has submitted a request to be reclassified as a ‘Public’ shareholder.

The request was made pursuant to Regulation 30 read with Regulation 31A(8) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. In his application, Mr. Gupta stated that he presently holds 10 equity shares of Rs. 10 each in the company. He declared that he is no longer connected to the business of the company, is not engaged in day-to-day activities, and does not have the right to appoint directors or control management decisions.

Undertakings Provided

As part of the reclassification process, Mr. Gupta provided several undertakings to the Board of Directors. He confirmed that he, along with persons seeking reclassification, does not hold more than 10% of the total voting rights in the company. He further undertook that he does not exercise control over the affairs of the company through formal or informal arrangements and does not possess any special rights.

Additional declarations included not being represented on the Board of Directors, not acting as Key Managerial Personnel, and not being a wilful defaulter or a fugitive economic offender. He also confirmed there is no pending regulatory action against him.

Board Consideration

The company stated that the request will be placed before the Board of Directors in the ensuing Board Meeting for consideration and approval. The process is subject to compliance with the applicable provisions of the Listing Regulations. Following Board approval, the company will apply for and obtain the requisite approvals from the authorities to effect the change in shareholding pattern.

Suraj Industries Limited submitted its Monitoring Agency Report for the quarter ended March 31, 2026 to BSE on May 11, 2026, pursuant to Regulation 32(6) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and Regulation 82(4) of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018. The report was prepared by Acuité Ratings and Research Limited, the appointed Monitoring Agency, to track the utilisation of proceeds from the company's Rights Issue. The company belongs to the Breweries & Distilleries / Fast Moving Consumer Goods sector, with Mr. Suraj Prakash Gupta as the promoter.

Rights Issue Overview

The Rights Issue, comprising Partly Paid-up Equity Shares, was open during October 23, 2025 to November 07, 2025, with a total issue size of INR 119.70 Cr. The report covers utilisation progress across multiple objects as revised and approved by shareholders at the Extra-Ordinary General Meeting (EGM) held on March 06, 2026. The monitoring agency confirmed no deviation from the objects of the issue, with all utilisations in line with disclosures made in the Offer Document.

Revised Cost of Objects

Shareholder approval at the EGM on March 06, 2026 resulted in revisions to certain objects. The total revised cost remained unchanged at INR 119.70 Cr., consistent with the original Offer Document total. The table below summarises the original and revised costs for each object:

The cost for funding the manufacturing unit of Corrugated Boxes & PET Bottles was revised downward from INR 14.99 Cr. to INR 4.17 Cr., while a new object — acquisition of equity shares of VRV Foods Limited — was added at INR 37.13 Cr., both approved at the EGM on March 06, 2026.

Progress in Utilisation of Issue Proceeds

As of the end of Q4 FY2025-26, the company had raised INR 59.67 Cr. against the total issue size of INR 119.70 Cr. and utilised INR 59.66 Cr., leaving an unutilised balance of INR 0.004 Cr. available in the company's current account. The table below details the utilisation progress across each object:

The Monitoring Agency noted that for the investment in Carya Chemicals & Fertilizers Private Limited's distillery unit, INR 40.00 Cr. was originally proposed for utilisation by March 31, 2026, subject to full subscription and allotment of the Rights Issue. However, due to non-achievement of full subscription and allotment, only INR 23.34 Cr. has been deployed towards this object. No funds have been utilised towards the Corrugated Boxes & PET Bottles manufacturing unit. Under General Corporate Purposes, INR 1.66 Cr. was utilised towards unidentified acquisitions and INR 0.81 Cr. for General Corporate Purposes.

General Corporate Purpose Utilisation

The breakdown of INR 0.81 Cr. utilised under General Corporate Purposes is as follows:

Monitoring Agency Findings

Acuité Ratings and Research Limited confirmed no deviation from the objects of the issue, no change in the means of finance, and no government or statutory approvals required for the objects. The agency also confirmed no major deviations over earlier monitoring agency reports, noting that no other Monitoring Agency had been appointed previously. No favorable or unfavorable events were observed that may affect the viability of the objects, and no relevant information was identified that could materially affect investor decision-making. The report was signed by Vikas Mishra, Deputy Vice President - Process Excellence, Acuité Ratings and Research Limited, on May 11, 2026. The disclosure has also been hosted on the company's website at www.surajindustries.org .