News Corporate Actions Suraj Industries receives Rs 20.91 crore in first call on partly paid-up sharesSuraj Industries receives Rs 20.91 crore in first call on partly paid-up shares
Suraj Industries Limited successfully received Rs 20,90,86,550 from shareholders towards the first call on partly paid-up equity shares, covering 2,09,08,655 shares out of 2,99,25,394 outstanding shares. The company has issued a final reminder cum forfeiture notice for the remaining 90,16,739 unpaid shares and waived 12% annual interest charges for delayed payments.
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Suraj Industries Limited has successfully collected Rs 20,90,86,550 from shareholders towards the first call on partly paid-up equity shares issued through its rights offering. The Rights Issue Committee of the Board of Directors, in its meeting held on February 19, 2026, approved the conversion and addressed pending payments on the remaining shares.
First Call Collection and Share Conversion
The company received payment for the first call on 2,09,08,655 equity shares out of the total 2,99,25,394 outstanding partly paid-up equity shares. The Rights Issue Committee approved the conversion of these paid shares from partly paid-up equity shares with face value Rs 10.00 each (Rs 2.50 paid-up) bearing ISIN: IN9170U01027 to partly paid-up equity shares with face value Rs 10.00 each (Rs 5.00 paid-up) bearing ISIN: IN9170U01035.
| Parameter: | Details |
|---|---|
| Total Outstanding Shares: | 2,99,25,394 |
| Shares with Payment Received: | 2,09,08,655 |
| Amount Collected: | Rs 20,90,86,550 |
| First Call Amount per Share: | Rs 10.00 |
| Face Value Component: | Rs 2.50 |
| Share Premium Component: | Rs 7.50 |
The company is currently completing the necessary formalities for corporate actions and obtaining listing and trading approvals for the converted rights equity shares.
Final Reminder and Forfeiture Notice
For the balance 90,16,739 partly paid-up rights equity shares, the call money aggregating to Rs 9,01,67,390 remains unpaid. The Rights Issue Committee has approved sending a final reminder cum forfeiture notice to holders of these shares. The reminder cum forfeiture notice payment period will commence from February 25, 2026, and close on March 11, 2026.
| Outstanding Payment Details: | Amount |
|---|---|
| Unpaid Shares: | 90,16,739 |
| Total Unpaid Amount: | Rs 9,01,67,390 |
| Payment Window Start: | February 25, 2026 |
| Payment Window End: | March 11, 2026 |
Interest Waiver Decision
In a shareholder-friendly move, the Rights Issue Committee decided to waive the 12% annual interest that was mentioned in the first call money notice for non-payment of call money by shareholders. This waiver applies to the monies payable on the first call, providing relief to shareholders who may have delayed their payments.
Rights Issue Background
The partly paid-up equity shares were originally issued on a rights basis pursuant to the Letter of Offer dated October 09, 2025. The first call of Rs 10.00 per share was approved by the Rights Issue Committee in its meeting held on January 20, 2026, with January 27, 2026, fixed as the record date. The company had sent first call notices to shareholders on January 28, 2026, with the initial call money period running from February 02, 2026, to February 16, 2026.
The Rights Issue Committee meeting was conducted on February 19, 2026, commencing at 6:00 PM and concluding at 6:15 PM, where these significant decisions regarding share conversion and forfeiture procedures were finalized.
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