Shree Renuka Sugars Q1 loss narrows to Rs 411.7 cr

Sugar refiner Shree Renuka Sugars Ltd (SRSL) on Tuesday said it has narrowed consolidated loss to Rs 411.7 crore for the June 2019 quarter.

The company had posted a loss of Rs 1,189.1 crore in the year-ago period, it said in a BSE filing.

Its total income grew to Rs 1,086.6 crore in the April-June 2019 quarter from Rs 1,026.1 crore in the year-ago period.

The company said its wholly-owned subsidiary Shree Renuka Global Ventures Limited, Mauritius (SRGVL) has entered into an investment agreement with Freeway Trading Ltd, Seychelles (FTL).

"Upon completion of the proposed transaction, the investor would hold a controlling interest in SRGVL and consequently, SRGVL and its subsidiaries shall cease to be subsidiaries of the company (for which the company had obtained shareholders' approval on July 19, 2019)," it said.

The completion of the proposed transaction is subject to the parties obtaining relevant corporate authorisations and other approvals as necessary, it added.

Besides, SRSL has appointed Rajeev Kumar Sinha as a nominee director (additional airector) in the capacity of non-executive, non-independent director with effect from August 6, 2019, subject to approval of shareholders at the ensuing general meeting of the company.