Suraj Industries Limited (BSE:526211) announced a private placement of 1,440,000 common shares at an issue price of INR 10 per share for gross proceeds of INR 1,440,000 on January 23, 2021. The shares have a face value of INR 10 per share. The company will also issue 2,170,000 pre-paid warrants. The warrant will be convertible into one equity share at INR 10 per share. The company will receive 25% of the total amount, which is INR 175,207,478.25 as upfront payment at the time of allotment of warrants and the remaining 75% will be paid within 18 months. The company will issue securities using third party allotment method to the person belonging to the promoter and promoter group. The transaction has been approved by the board of directors of the company and is subject to the approval of shareholders of the company and applicable regulatory authorities.