Shree Renuka Sugars Ltd approves Rights Issue

Shree Renuka Sugars Ltd has announced with reference to the Board's approval for preferential allotment of Equity Shares to 'Wilmar Sugar Holding Pte. Ltd.'. The Board at its meeting held on February 27, 2014, gave its in-principle approval for issue of equity shares of the Company to the existing equity shareholders of the Company (including shareholders of the Company who would be holding Equity Shares pursuant to the aforesaid preferential allotment) on a rights basis (Rights Issue) at an Issue price not exceeding Rs. 16/- per Share to raise an amount not exceeding Rs. 7,254 million, subject to the applicable laws and regulatory approvals.

The terms & conditions of the Rights Issue, the entitlement ratios, Record Date, timing of the Rights Issue and other necessary details shall subsequently be decided by the Board/Committee of the Board constituted for this purpose after the completion of the aforesaid preferential allotment and the open offer announced by Wilmar Sugar Holdings Pte. Ltd., SRS Investments Pte. Ltd. and persons acting in concert with them in terms of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.

Shares of SHREE RENUKA SUGARS LTD. was last trading in BSE at Rs.21.05 as compared to the previous close of Rs. 21.1. The total number of shares traded during the day was 737060 in over 1128 trades.

The stock hit an intraday high of Rs. 21.65 and intraday low of 21. The net turnover during the day was Rs. 15593878.

Source : Equity Bulls

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