Suraj Industries Limited's Q3 FY26 proceeds utilization has been reviewed by monitoring agency Acuité Ratings and Research Limited, with the report dated February 14, 2026, confirming no material deviations from the company's stated objectives.

Rights Issue Overview

The breweries and distilleries company, promoted by Mr. Suraj Prakash Gupta, completed a rights issue in December 2025 with a total size of INR 119.70 crore. The company has raised INR 29.93 crore under partly paid shares, with the remaining amount to be called from shareholders as required.

Proceeds Utilization Breakdown

The monitoring agency confirmed that INR 23.62 crore has been utilized across six specified objectives, with INR 6.30 crore available in the IDBI Bank current account for future deployment.

Monitoring Agency Assessment

Acuité Ratings confirmed that all utilizations align with disclosures in the offer document, with no material deviations observed. The agency noted that no government or statutory approvals are required for the stated objects, and no technical assistance or collaboration arrangements are necessary.

Key findings from the monitoring report include:

• All utilizations are as per offer document disclosures
• No shareholder approval required for material deviations
• No changes observed in means of finance for disclosed objects
• No major deviations from earlier monitoring agency reports

Subsidiary Investment Progress

The largest allocation of INR 47.32 crore is designated for investment in subsidiary Carya Chemicals & Fertilizers Private Limited to meet fixed capital requirements for its distillery unit. The company has utilized INR 11.54 crore toward this objective during the quarter.

Compliance and Documentation

The monitoring agency based its assessment on documents provided by the issuer, including the Letter of Offer, Fixed Deposit Certificates, Bank Statements, and Statutory Auditors Certificate. The report confirms no conflict of interest in the monitoring agency's relationship with the issuer while undertaking this review.

Suraj Industries Limited has issued a comprehensive first call notice to holders of partly paid-up equity shares, marking a significant step in completing its rights issue process initiated in October 2025. The company has established clear timelines and payment procedures for shareholders to convert their partly paid-up shares to a higher paid-up status.

Call Notice Details and Timeline

The Rights Issue Committee of the Board of Directors, in their meeting held on January 20, 2026, approved the first call of Rs. 10/- per rights share for 2,99,25,394 partly paid-up equity shares. The committee has established the following key dates and parameters:

Rights Issue Background

The original rights issue was conducted pursuant to the Letter of Offer dated October 09, 2025, where the company issued partly paid-up equity shares of face value Rs. 10/- at an issue price of Rs. 40/-. The rights were offered in the ratio of 21 rights equity shares for every 13 fully paid-up equity shares held as on the record date of October 13, 2025. Initially, shareholders paid Rs. 10/- per share (comprising Rs. 2.50/- towards face value and Rs. 7.50/- towards share premium) as application money, with the shares being allotted on November 10, 2025.

Payment Methods and Instructions

Shareholders have multiple payment options available during the call money period:

ASBA and Online Payment Options

• Online ASBA: Through Self-Certified Syndicate Banks (SCSBs) websites
• Physical ASBA: By submitting application forms to designated SCSB branches
• 3-in-1 Account: Using linked trading-demat-bank accounts offered by brokers

Traditional Payment Methods

For cheque and demand draft payments, shareholders must use accounts payable to:

• Resident Shareholders: SURAJ INDUSTRIES LTD CALL MONEY RESIDENT ACCOUNT
• Non-Resident Shareholders: SURAJ INDUSTRIES LTD CALL MONEY NON-RESIDENT ACCOUNT

Payments must be submitted at designated IDBI Bank Limited branches across Delhi, Mumbai, Kolkata, and Chennai, or sent to the registrar Beetal Financial & Computer Services Private Limited.

Trading Suspension and New ISIN

Trading in the current partly paid-up equity shares under ISIN IN9170U01027 has been suspended effective January 27, 2026. Upon successful payment of the first call, shareholders will receive partly paid-up equity shares of Rs. 10/- each (Rs. 5/- paid-up) under the new ISIN IN9170U01035. The corporate action process is expected to be completed within two weeks from February 16, 2026.

Consequences of Non-Payment

The company has outlined specific consequences for shareholders who fail to make timely payments:

• Interest Charges: 12% per annum on delayed payments beyond February 16, 2026
• Dividend Deduction: The company may deduct outstanding call money from future dividend payments
• Forfeiture Risk: Partly paid-up equity shares, including amounts already paid, may be forfeited according to the company's Articles of Association

Partial Payment Provisions

The company has established provisions for partial payments, where shareholders paying less than the full amount due may receive a proportionate number of fully paid-up equity shares. For example, if a shareholder holds 10 partly paid-up equity shares (requiring Rs. 100/- total payment) but pays only Rs. 50/-, they will receive a proportionate number of converted shares, while unpaid shares may face forfeiture.

The first call notice represents a crucial milestone in Suraj Industries' rights issue completion process, providing shareholders with clear guidelines and multiple payment channels to participate in the company's capital enhancement initiative.