Suraj Stainless Limited has informed BSE that "Company had planed amalgamation of group company and applied for in principle approval of the Stock Exchange under clause 24(l) of the listing agreement. However we had been informed that Post Amalgamation holding of the Promoter exceeds 75% of the post amalgamation equity, the company is not complying Clause 40A of tile Listing Agreement and have to change the Exchange Ratio or reduce the Promoter's Holding so that the company can comply Clause 40A of the Listing Agreement."
In view of above, the promoters of the company have sold 231,725 equity shares in the open market today.
