Shree Renuka Sugar Exits Mauritius-Based Subsidiary With Final Stake Sale
Shree Renuka Sugar Ltd., via its subsidiary Renuka Commodities DMCC, sold its remaining 17.1% stake in Mauritius-based Shree Renuka Global Ventures Ltd. to Freeway Trading Ltd. for $4,325. This completes its exit from SRGVL, which, along with its subsidiaries, is no longer associated with the company. Renuka operates eight sugar mills, ethanol plants, and port-based refineries, contributing significantly to India’s ethanol blending program. Its flagship brand, Madhur Sugar, leads the packed sugar market. Shares closed 2.35% higher, despite a year-to-date 24.35% drop.
Shree Renuka Sugar Ltd. announced on Saturday that its wholly-owned subsidiary, Renuka Commodities DMCC, has sold its remaining 17.1% stake in Mauritius-based Shree Renuka Global Ventures Ltd. to Freeway Trading Ltd. for $4,325. The transaction was completed on Friday. This sale follows the company’s earlier divestment in 2019, when it sold 82.9% of its stake in SRGVL to Freeway Trading Ltd. With the latest transaction, SRGVL and its step-down subsidiaries will cease to be associates of Shree Renuka Sugar, effective immediately. The company disclosed the sale in compliance with Regulation 30 of the SEBI Regulations. Further details regarding the transaction were provided in an annexure included in the exchange filing.
The company runs a global agribusiness and bio-energy corporation with a total crushing capacity of 46,000 TCD and a sugar refining capacity of 1.7 MTPA. The company operates eight advanced sugar mills, many integrated with ethanol production and power co-generation, and two of India’s largest port-based refineries. Renuka is among India’s top ethanol manufacturers, with a capacity of 1,250 KLPD, and is a significant contributor to the country’s ethanol blending program. Its flagship brand, Madhur Pure and Hygienic Sugar, is marketed as India’s No. 1 packed sugar brand. Shares of the company closed 2.35% higher at Rs 39.26 per share, compared to a 2.39% advance in the NSE Nifty 50. The stock has fallen 24.35% year-to-date and 16.73% over the past 12 months.
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Source Link : NDTV Profit
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