Shree Renuka Sugars has surged this morning on reports that it is talking to several private equity players and strategic investors to sell a 25% stake in its wholly-owned unit Renuka Brasil Holdings. The stock is quoting at Rs 61, stronger by Rs 2 or 3.4%, on the BSE. The shares had opened at the day's low of Rs 60 and have touched a high of Rs 62 thus far.
Shree Renuka Sugars, through Renuka Brasil Holdings, owns two sugar companies in Brazil. The proceeds from the stake sale will help Renuka Brasil to reduce its $1-billion debt.
Shree Renuka Sugars is the 5th largest sugar producer in the world.
A total of 5.11 lakh shares have been traded on the counter since this morning as against the two-week average of 9.66 lakh shares.
