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Saturday, February 22, 2014

Renuka Sugars Sells Stake to Wilmar International

Shree Renuka Sugars a well known co. in the field of Sugar industry will sell 25.75 crore fresh equity shares to Wilmar International a Singapore-based agri-business firm Rs 517 crore.


This will lead to reduce the company's debt. They issue these shares at 20.08 Rs. per share. In second round Renuka would raise another Rs 725 crore from the proposed rights issue in which both existing promoters and Wilmar would participate. The total Rs 1,242 crore raised would be utilised to cut the debt.


At present, promoters hold 38.36 per cent stake in the company.


They have signed an agreement under which WSH Renuka Sugars would be jointly controlled by the existing promoters and Wilmar with both companies holding equal stakes and board representation.
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Renuka Sugars Sells Stake to Wilmar International

Shree Renuka Sugars a well known co. in the field of Sugar industry will sell 25.75 crore fresh equity shares to Wilmar International a Singapore-based agri-business firm Rs 517 crore.


This will lead to reduce the company's debt. They issue these shares at 20.08 Rs. per share. In second round Renuka would raise another Rs 725 crore from the proposed rights issue in which both existing promoters and Wilmar would participate. The total Rs 1,242 crore raised would be utilised to cut the debt.


At present, promoters hold 38.36 per cent stake in the company.


They have signed an agreement under which WSH Renuka Sugars would be jointly controlled by the existing promoters and Wilmar with both companies holding equal stakes and board representation.