Wilmar raises stake in Renuka Sugars to 38%

Firm to invest of Rs 784 cr in the debt-ridden company

Faced with interest cost wiping out the entire profit and turning the company into the red for the past four years, the promoters of integrated manufacturer Shree Renuka Sugars (SRSL) have divested a part of their stake to Wilmar Sugar Holdings Pvt Ltd (WSH), Singapore.

In 2014, WSH had acquired 27.22 per cent, half of the promoters’ then stake in SRSL, for $200 million (Rs 1,200 crore) in 2014. SRSL has announced a preferential issue of up to 500 million 0.01 per cent compulsorily Convertible Preference Shares (CCPS) of Rs 16.27 each at par to WSH, at an investment of Rs