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 .

Suraj Industries Limited has officially completed the forfeiture of 1,37,972 partly paid-up equity shares following non-payment of First Call Money by shareholders. The company filed formal intimation with BSE Limited on April 16, 2026, confirming the Rights Issue Committee's decision and dispatch of forfeiture notices to affected shareholders.

Official Forfeiture Communication

The company submitted its regulatory filing to BSE Limited under Regulation 30, referencing previous intimations dated January 28, 2026 (First Call Notice dispatch), February 19, 2026 (Final Reminder dispatch), and March 16, 2026 (Second Final Reminder dispatch). The forfeiture was executed in accordance with the Companies Act, 2013, the company's Articles of Association, and the Letter of Offer dated October 09, 2025.

Share Conversion and Collection Summary

Prior to the forfeiture, the company successfully collected First Call Money from compliant shareholders during the extended payment period from March 20, 2026, to April 03, 2026. The Rights Issue Committee approved conversion of these shares from partly paid-up status.

Forfeiture Impact and Legal Consequences

The forfeiture affects shareholders who failed to respond to multiple payment notices, with the last payment deadline being April 03, 2026. Under the forfeiture terms, all rights, title, and interest in the affected shares stand extinguished, and amounts already paid are forfeited to the company.

Corporate Action Completion

Company Secretary and Compliance Officer Snehlata Sharma signed the official communication, confirming completion of all regulatory formalities. The forfeited shares become company property, with the Board retaining rights to re-issue, dispose of, or deal with such shares as deemed appropriate under applicable laws and the company's Articles of Association.