Renuka Sugars board approves preferential share allotment to promoter

Renuka Sugars on Friday said its board has approved issue of 21.16 crore shares on preferential basis to promoter Wilmar Sugar Holdings for Rs 185 crore. The main objects of the issue are redemption of preference shares issued by the company, subject to the board approval, and general corporate purposes, it said.

Renuka Sugars on Friday said its board has approved issue of 21.16 crore shares on preferential basis to promoter Wilmar Sugar Holdings for Rs 185 crore. In a regulatory filing, Renuka Sugars said the board of directors has approved the issue of up to 21,16,70,481 equity shares for cash at a price of Rs 8.74 per share aggregating to Rs 185 crore on preferential basis to promoter Wilmar Sugar Holdings Pte Ltd. This is subject to approval of the shareholders of the company, it added. The main objects of the issue are redemption of preference shares issued by the company, subject to the board approval, and general corporate purposes, it said.