Shree Renuka Sugars allots 60 Lakh shares, 1.8 Crore warrants

Shree Renuka Sugars Ltd has announced that the Committee of Directors (CoD) at its meeting held on September 11, 2008, inter alia, have allotted 60,00,000 equity shares of face value Re 1/- each at the issue price of Rs 62.571 per share, including premium of Rs 61.571 per share for a total value of Rs 37.54 crores. The allotment is to one of the Promoter Group Companies, Murkumbi Industries Pvt. Ltd., on preferential basis pursuant to the exercise of option to convert 6,00,000 warrants of Rs 625.71 each warrant convertible into 10 equity shares of Re 1/- each, (pre-split convertible into 1 equity share of Rs 10/- each) against warrants allotted on September 07, 2007.

The Board also issued 1,80,00,000 warrants @ Rs 114.37 per warrant, each warrant convertible into one equity share of Re 1/- each @ Rs 114.37 including premium of Rs 113.37, within a period of 18 months from the date of allotment i.e. on or before March 10, 2010, to one of the promoter Group Companies, Murkumbi Bioagro Pvt. Ltd., on preferential basis, pursuant to the resolution passed by the shareholders at the Extra Ordinary General Meeting of the Company held on August 27, 2008.

The stock was trading at Rs.116.75, down by Rs.1.30 or 1.10%. The stock hit an intraday high of Rs.119.10 and low of Rs.116.05.

The total traded quantity was 678904 compared to 2 week average of 1885046.

Source : Equity Bulls

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