Renuka Sugars issues shares worth Rs 27 cr to StanC

Renuka Sugars has allotted shares worth Rs 27.21 crore to Standard Chartered Bank against the part-conversion of its loan.
The allotment committee of the Board of Directors today "approved the allotment of 1,64,35,338 equity share of face value of Re 1 at a price of Rs 16.56 per equity shares aggregating to Rs 27,21,69,197.28 to Standard Chartered Bank," Shree Renuka Sugars said in a BSE filing.
The allotment of equity shares to Standard Chartered Bank, which is one of the lenders from the Joint Lenders' Forum, in lieu of and against the conversion of a part of the loans availed by the company from Standard Chartered Bank.

As a result, the paid up share capital of the company stands increased from about Rs 92.88 crore to Rs 94.52 crore.
Renuka Sugars has posted a net loss of Rs 42 crore for the quarter ended December 31, 2016. Its net loss stood at Rs 24.1 crore in the year-ago period.
Total income increased to Rs 2,068.9 crore in the third quarter of the current fiscal from Rs 1,555.2 crore in the corresponding period of the previous year.