Renuka Sugars to raise Rs 840 cr to fund expansion

Sugar manufacturer Shree Renuka Sugars has plans to raise Rs 840 crore ($200 million) from stock markets to fund its expansion plans. The fund raising could be either from international or domestic markets in the equity form or equity linked instruments, the company said.

The company is exploring various ways such as global deposit receipts, American deposit receipts, qualified institutional placement, public issue, private placement, follow-on offer among others, it said.

It has plans to set up 2000 tonne per day capacity plant in Mundra in Gujarat, setting up additional 2,000 tonne of cane crushed per day (TCD) at Athani in Karnataka, 4000 TCD at Havalga in Karnataka and an additional 15 Mw cogeneration power plant at Havalga in Karnataka, it said.