Shree Renuka Sugars Ltd Board approves preferential issue of 257,491,592 equity shares

The Board of Directors of Shree Renuka Sugars Ltd at its meeting held on February 20, 2014, has considered and approved the issue and allotment of upto 257,491,592 (Two hundred and fifty seven million four hundred and ninty one thousand five hundred and ninty two only) Equity Shares of face value of Re. 1/- each, for a price of Rs. 20.08 (Rupees Twenty and eight paise only) per Equity Share, aggregating to Rs. 5,170.43 Million to Wilmar Sugar Holdings Pte. Ltd., on preferential basis, subject to the approval of shareholders/FIPB/Stock Exchanges/statutory approvals, wherever required.

The Board approved increasing the Authorised share capital of the Company and alteration of Object Clause of the Memorandum of Association of the Company.

An Extraordinary General Meeting of the Members of the Company has been convened for the approval of Preferential Issue/aforesaid matters on March 21, 2014 in Belgaum.

The Board also approved proposal to conduct Postal Ballot for obtaining approval of the shareholders of the Company for alteration of the Objects Clause of the Memorandum of Association of the Company and payment of remuneration to the Whole-Time Directors of the Company.

The Company has appointed Mr. Gururaj Mutalik, Advocate of Belgaum, as Scrutinizer for conducting the postal ballot process in a fair and transparent manner. A consent letter has been obtained to this effect.

The Board also noted the resignations tendered by Mr. Nandan Yalgi and Mr. Sidram Kaluti, from the office of Directors of the Company, effective February 20, 2014.

Shares of SHREE RENUKA SUGARS LTD. was last trading in BSE at Rs.22.5 as compared to the previous close of Rs. 21.7. The total number of shares traded during the day was 4230454 in over 8594 trades.

The stock hit an intraday high of Rs. 22.9 and intraday low of 21.75. The net turnover during the day was Rs. 94942854.

Source : Equity Bulls

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