Shree Renuka Sugars sweetens after restructuring agreement

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

Meanwhile, the S&P BSE Sensex was up 10.12 points or 0.03% at 33,361.69. The S&P BSE 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 Shree Renuka Sugars 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, Shree Renuka Sugars 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, Shree Renuka Sugars has allotted 48.18 crore equity shares to Wilmar Sugar Holdings Pte.

Shree Renuka Sugars 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.

Shree Renuka Sugars is one of the leading sugar manufacturers in India.

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