Renuka Sugars raises ₹185 crore

The board of directors of Shree Renuka Sugars Ltd on Monday approved the allotment of 21.167 crore equity shares of ₹1 a share, for cash at a price of ₹8.74 a share, aggregating to ₹185 crore on preferential basis to Wilmar Sugar Holdings Pte Ltd, promoter of the company. Shares of Shree Renuka Sugars closed at ₹8.86, down 4.73 per cent, on the BSE. According June-end shareholding pattern, promoters hold 58.34 per cent stake and the rest 41.66 per cent by public. Among the public shareholders include ICICI Bank, Axis Bank and IDBI Bank and Standard Chartered Bank. About 1.54 lakh small shareholders hold 10.40 per cent stake in Shree Renuka Sugars.