Shree Renuka Sugars Ltd approves allotment Of Equity Shares Upon Conversion Of Loan

As per the rectification package approved by the Joint Lenders' Forum (JLF) under the Corrective Action Plan; and in terms of the special resolution passed by the shareholders of Shree Renuka Sugars Ltd on 27/09/2016, the Allotment Committee of the Board of Directors has, by way of circular resolution dtd 8/03/2017, approved the allotment of 1,64,35,338 Equity Shares of face value of Re. 1/- each, at a price of Rs. 16.56 per Equity Share aggregating to Rs. 27,21,69,197.28 to Standard Chartered Bank ('SCB'), one of the JLF Lenders in lieu of and against the conversion of a part of the loans availed by the Co. from SCB.

Consequent to the above allotment, the paid-up share capital of the Company stands increased from Rs.92,88,11,242 divided into 92,88,11,242 equity shares having face value Re.1/- each to Rs.94,52,46,580 divided into 94,52,46,580 equity shares having face value of Re.1/- each.

Shares of SHREE RENUKA SUGARS LTD. was last trading in BSE at Rs.15.25 as compared to the previous close of Rs. 15.45. The total number of shares traded during the day was 280950 in over 365 trades.

The stock hit an intraday high of Rs. 15.55 and intraday low of 15.2. The net turnover during the day was Rs. 4298421.

Source : Equity Bulls

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