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Shree Renuka Sugars sweetens after restructuring agreement

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rose 1.29% to Rs 15.75 at 09:32 IST on after the company's board of directors signed a binding restructuring agreement with banks.

Meanwhile, the Sensex was up 10.12 points or 0.03% at 33,361.69. The Small-Cap index was off 10.26 points, or 0.06% to 17,347.09.

On the BSE, 77,000 shares were traded on the counter so far as against the average daily volumes of 3.81 lakh shares in the past two weeks. The stock hit a high of Rs 16 and hit a low of Rs 15.60 so far during the day. The stock had hit a 52-week high of Rs 22.40 on 26 July 2017. The stock had hit a 52-week low of Rs 12 on 8 June 2017.

The small-cap company has equity capital of Rs 94.52 crore. Face value per share is Re 1.

The board of directors of approved the allotment 48.18 crore, 0.01% compulsorily convertible preference shares (CCPS) at Rs 16.28 each to Wilmar Sugar Holdings Pte. on preferential basis. The announcement was made after market hours yesterday, 8 March 2018.

Meanwhile, in a separate announcement made during market hours today, 9 March 2018, announced that in connection with the implementation of a debt restructuring package for the company, it has received a notice from Wilmar Sugar Holdings Pte. exercising their option to convert 48.18 crore, 0.01% compulsorily convertible preference shares (CCPS) into equal number of equity shares. Pursuant to such notice, has allotted 48.18 crore equity shares to Wilmar Sugar Holdings Pte.

reported a net loss of Rs 119.60 crore in Q2 September 2017, as compared with net profit of Rs 2.50 crore in Q2 September 2016. Net sales dropped 32.73% to Rs 1365.20 crore in Q2 September 2017 over Q2 September 2016.

is one of the leading sugar manufacturers in

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Fri, March 09 2018. 09:40 IST