Suraj Industries Ltd. to Acquire Additional 1.71% Stake in Shri Gang Industries and Allied Products Limited for Rs. 352.62 Crore

Suraj Industries Ltd. has approved the acquisition of 1,35,000 equity shares of Shri Gang Industries and Allied Products Limited from Mr. Ritesh Gupta, Joint Managing Director and a member of the Promoter Group. This acquisition will increase Suraj Industries' holding in Shri Gang to 20.02% from the present 19.31% of the Paid up Equity share Capital of Shri Gang. The acquisition price shall be determined as the average of the opening and closing market price of the equity shares of Shri Gang, as quoted on BSE Limited, on the working day immediately preceding the date of execution of the transaction. The transaction is estimated to be completed within 30 days from this date. Shri Gang has established a Bottling Plant for Indian Made Foreign Liquor (IMFL) and Country Liquor at Sandila, District Hardoi, Uttar Pradesh, which commenced commercial production in July 2020. The company commissioned a grain-based distillery unit in September 2022, thereby enhancing its production capabilities and diversifying its revenue streams. Shri Gang has entered into an exclusive manufacturing arrangement with United Spirits Limited, under which it produces several of their prestigious and popular IMFL brands. Additionally, Shri Gang has a long-term supply agreement with United Spirits Limited for the supply of Extra Neutral Alcohol (ENA). These strategic partnerships ensure consistent demand, stability of operations, and strengthen Shri Gang’s position as a key player in the alcoholic beverages and ENA manufacturing industry.