 "Shree Renuka Sugars extends fall ahead of board meet for fund raising")
Shree Renuka Sugars dipped 8% to Rs 18.70 on BSE in intra-day trade, extending its Wednesday’s 6% decline, ahead of board meeting today to consider fund raising.
“A meeting of the board of directors of the company will be held on Thursday, 27th July, 2017, to consider fund raising, in one or more tranches, that may include further public offer, rights issue, Global Depository Receipts (GDRs), preferential issue or any other method for issuance of equity shares and/or convertible / non-convertible preference shares and/or convertible / non-convertible debentures,” Shree Renuka Sugars said in a regulatory filing.
In past one month, the stock of the country’s largest sugar refiner had outperformed the market by surging 74% from Rs 12.49 on June 26, as compared to 4% rise in S&P BSE Sensex till July 24, 2017.
On Wednesday, the stock hit a 52-week high of Rs 22.40 in intra-day trade with rumours of global agri commodity trader Wilmar International raising its stake in the company.
Singapore-based Wilmar Sugar Holdings, a Wilmar International group company, was roped in by Shree Renuka Sugars in 2014. It acquired 27.24% promoter stake at around Rs 1,200 crore, which reduced the shareholding of the Narendra Murkumbi-led Shree Renuka Sugars promoters to 27.24%, the Business Standard reported. CLICK HERE TO READ FULL REPORT
“A meeting of the board of directors of the company will be held on Thursday, 27th July, 2017, to consider fund raising, in one or more tranches, that may include further public offer, rights issue, Global Depository Receipts (GDRs), preferential issue or any other method for issuance of equity shares and/or convertible / non-convertible preference shares and/or convertible / non-convertible debentures,” Shree Renuka Sugars said in a regulatory filing.
In past one month, the stock of the country’s largest sugar refiner had outperformed the market by surging 74% from Rs 12.49 on June 26, as compared to 4% rise in S&P BSE Sensex till July 24, 2017.
On Wednesday, the stock hit a 52-week high of Rs 22.40 in intra-day trade with rumours of global agri commodity trader Wilmar International raising its stake in the company.
Singapore-based Wilmar Sugar Holdings, a Wilmar International group company, was roped in by Shree Renuka Sugars in 2014. It acquired 27.24% promoter stake at around Rs 1,200 crore, which reduced the shareholding of the Narendra Murkumbi-led Shree Renuka Sugars promoters to 27.24%, the Business Standard reported. CLICK HERE TO READ FULL REPORT
One subscription. Two world-class reads.
Already subscribed? Log in
Subscribe to read the full story →*Subscribe to Business Standard digital and get complimentary access to The New York Times
Smart Quarterly
₹900
3 Months
₹300/Month
SAVE 25%
Smart Essential
₹2,700
1 Year
₹225/Month
SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months
Super Saver
₹3,900
2 Years
₹162/Month
Subscribe
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app
SAVE 25%