Shree Renuka Sugars allots 1.80 crore shares

Shree Renuka Sugars Ltd has announced that the Allotment Committee of the Board of Directors at its meeting held on March 04, 2010, has allotted 1,80,00,000 equity shares of face value Re. 1/- each at the issue price of Rs. 114.37 per share, including premium of Rs. 113.37 per share aggregating to Rs. 205.87 Crores to one of the Promoter Companies viz., Murkumbi Investments Pvt. Ltd.

The aforesaid allotment has been made pursuant to the exercise of option to convert 1,80,00,000 warrants (convertible into equal number of equity shares), issued on September 11, 2008 pursuant to Shareholders' approval at their Extra Ordinary General Meeting held on August 27, 2008.

Consequent to the above allotment the paid-up share capital of the Company is increased from Rs. 31,69,00,000/- to Rs. 33,49,00,000/- consisting of 33,49,00,000 equity shares of Re. 1/- each.

The stock was trading at Rs.172.70, up by Rs.1.55 or 0.91%. The stock hit an intraday high of Rs.174.20 and low of Rs.167.40.

The total traded quantity was 1202800 compared to 2 week average of 1503831.

Source : Equity Bulls

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