Suryo Foods & Industries Ltd

Issue Overview

• Rights issue of 29.70 lakh rights equity shares of ₹10 face value at ₹20 per share.
• Total issue size reported; no undersubscription or revision indicated.
• Main uses: payment of outstanding trading and other liabilities; issue-related expenses.
• Monitoring agency observed no deviation from disclosed objects.
• All funds were monitored with no undersubscription noted.

Utilisation of Proceeds

• Utilisation as disclosed: as per offer document; no deviation observed.
• Object 1: outstanding liabilities paid; end-quarter utilisation 551.36 Lakhs; unutilised 12.64.
• Object 2: issue-related expenses largely utilized; end-quarter 42.64 Lakhs; unutilised negative 12.64.
• Total unutilised funds: zero; end balances settled by adjustments against liabilities.
• Delay noted for object 1: completed by 6 June 2026, 66-day delay.
• Outstanding liabilities adjusted to related parties: Suryo Udyog Limited and Ram's Assorted Cold Storage Limited.

Governance and Compliance

• Approvals: statutory approvals status marked NA in the report.
• Material information: nil revenue reported for last five financial years.
• Deviations: no major deviation observed versus earlier MA reports.
• Other: outstanding liabilities adjusted to related parties; details disclosed.

General Corporate Purpose (GCP)

• GCP: not applicable; no utilisation heads disclosed.

Q1 FY27 results

• Unaudited quarterly results for quarter ended 30 June 2026; Board approved on 10 August 2026.
• Other income reported at 1,361 thousand for the quarter.
• Depreciation and amortisation expenses recorded at 1,272 thousand.
• Employee benefit expenses recorded at 907 thousand.
• Paid-up equity share capital Rs 69,300 thousand; prior Rs 39,500 thousand.
• Basic earnings per share Rs 0.52; prior Rs 0.05.
• Limited Review Report by Sanjit Mohanty & Co; no material misstatement observed.

Financial results and reporting

• Unaudited quarterly results for the quarter ended 30 June 2026 approved, with Limited Review Report.
• Limited Review Report indicates no material misstatement.
• Quarterly compliance under SEBI LODR 2015 taken on record.
• Board report for FY 2025-26 placed on record.

AGM and book closure

• 37th AGM scheduled for 28 September 2026 at 11:30 AM.
• Book closure from 22 to 28 September 2026 (inclusive).

Appointments and re-appointments

• Recommend re-appointment of Mrs. Annapurna Dash as Non-Executive, Non-Independent Director.
• Mr. Rajiv Kumar Moharana appointed as CFO and KMP, effective 10 Aug 2026.
• Ms. Saroj Ray & Associates appointed as Secretarial Auditor for FY 2026-27.

Governance and voting measures

• Adoption of electronic voting facility and appointment of Scrutinizer.

Financial results

• Audited financial results approved for quarter and year ended 31 March 2026.
• Standalone and consolidated coverage was not specified in the filing.
• Auditor issued an unmodified opinion on the audited results.
• Statement of assets and liabilities and cash flow statement were also audited.

Board decisions

• Board noted quarterly and half-yearly SEBI compliance for FY2025-26.
• Board noted the secretarial auditor's report for FY2025-26.
• Board noted the monitoring agency report.

Management change

• Mr. Bijay Kumar Dash resigned as Chief Financial Officer.
• Resignation was effective from close of business on 4 May 2026.

Other disclosures

• Auditor noted no revenue from operations during the reported financial year.
• Company undertook a rights issue of 2,970,000 equity shares at Rs. 20 each.

Meeting Details

• Board meeting scheduled for 4 May 2026 at 12:00 P.M.
• Location: registered office, Dinalipi Bhawan, Bhubaneswar, Odisha.

Key Agenda Items

• Consider and approve unaudited financial results for quarter ended 31 March 2026.

Other Notes

• Other agenda items were mentioned without further detail.

Instrument & Issue Details

• Fully paid-up equity shares, face value ₹10 each, issued at ₹20 per share (₹10 face + ₹10 premium).
• Issue size: Up to 2,970,000 shares aggregating ₹594 lakhs (full subscription).
• Rights entitlement ratio: 3 shares for every 4 fully paid shares held on record date.
• Pre-issue shares: 3,960,000; post-issue shares: 6,930,000 (assuming full subscription).
• Rights shares allotted only in dematerialized form, pari passu with existing shares.
• Fractional entitlements ignored; fractional holders may get one additional share if applying for extras.

Issue Timeline & Key Dates ️

• Record date: 11th February 2026.
• Issue opens: 19th February 2026; closes: 6th March 2026.
• On-market renunciation deadline: 2nd March 2026; off-market renunciation deadline: 5th March 2026.
• Basis of allotment finalization: ~9th March 2026; allotment and credit: ~10th March 2026; listing: ~11th March 2026.

Payment & Subscription

• Payment mode: Only through ASBA (Application Supported by Blocked Amount).
• Payment due on application.
• Rights entitlements credited to demat accounts; physical shareholders must provide demat details by 3rd March 2026.
• No withdrawal allowed after issue closing.
• Rights entitlements not exercised by closing date will lapse without compensation.

Use of Proceeds & Governance

• Net proceeds (~₹564 lakhs) to pay outstanding trading and other liabilities.
• Promoters (except Mr. H S Sandhu) intend to fully subscribe their rights and additional shares to cover undersubscription.
• Promoters hold ~98.74% pre-issue shareholding.
• No underwriting; monitoring agency appointed for proceeds utilization.
• No wilful defaulters or fraudulent borrowers among company, promoters, or directors.

Restrictions & Listing

• Rights entitlements and shares not offered or sold in the US.
• Overseas shareholders must have Indian address to receive issue materials.
• Existing shares listed on BSE; in-principle approval received for rights shares listing.