Buzzing Stock: Renuka Sugar on a restructuring mode
DSIJ Intelligence / 26 Jul 2017
The leading sugar producers and one of the largest sugar refiners in the world Shree Renuka Sugars is on a huge plan to restructure itself.
The leading sugar producers and one of the largest sugar refiners in the world Shree Renuka Sugars is on a huge plan to restructure itself.
Singapore based agri -business giant Wilmar International which is its co-promoter is planning to hike its stake with fresh equity infusion in Renuka Sugars.
The current stake of Wilmar is of 27 per cent which may rise up to 40-45% once it infuses Rs.700-800 crore into Shree Renuka Sugar.
The main tactic behind the infusion is to reduce its debt burden to sustainable levels, as Renuka Sugars is having a debt of around Rs.6700 crore.
On July 27, a board meeting will be held to discuss on the debt restructuring plan with the banks which has main exposure to ICICI Bank, IDBI Bank and Standard Chartered Bank.
Shree Renuka Sugars had freshly intimated the stock exchanges that the board of directors will think about fund raising plans on 27th July.
Currently, the company is involved in the process or refining of sugar (sucrose) from sugarcane.
On today’s trade the stock has opened at Rs.22.05 per share with a high/low of Rs.22.40/Rs.21.19 and at 11:55 am the stock is quoting at Rs.21.21 per share.