Suraj has agreed to acquire 47.06% shares in Suraj Enterprise on fully diluted basis, on preferential basis for a cash consideration of around Rs 12.78 crore. Upon completion of the aforesaid investment, Suraj Enterprise shall become Associate Company of Suraj as per the provision of Companies Act, 2013 and the total holding of Suraj in Suraj Enterprise on a fully diluted basis would be 47.06%.
By way of the Strategic Investment, the company and Suraj Enterprise shall collaborate towards product development, new technologies, and preferred relationship for supplies in the area of Furious & Non Furious Metal Business. Suraj Enterprise would invest to create incremental capacity for Manufacturing and Trading of Furious & Non Furious Metal Business as required by the Company.
Suraj manufactures Stainless Steel Seamless & Welded Pipes, Tubes & 'U' Tubes.
