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Rana Sugars divests a 90% stake in subsidiaries Buttar Biofuels and Karimganj Biofuels

Buttar Biofuels has not commenced any business operations since its incorporation.

June 03, 2021 12:02 IST | India Infoline News Service
Rana Sugars Limited has informed the exchange regarding divestment in two wholly-owned subsidiaries.

The Company has divested 90% equity investment in its Wholly Owned Subsidiary Company, Buttar Biofuels Private Limited and thus, Buttar Biofuels Private Limited ceased to be a subsidiary Company of Rana Sugars Limited.

Buttar Biofuels (Wholly Owned Subsidiary of Rana Sugars) has not commenced any business operations since its incorporation. It has a networth of Rs1.00 Lakh as at 26th March 2021.

The agreement was executed on 26th March, 2021.The consideration for divestment of equity investment held in subsidiary is Rs. 10/- per share aggregating to Rs. 90,000/- .

Further, the Company has also divested 90% equity investment in its Wholly Owned Subsidiary Company, Karimganj Biofuels Private Limited and thus, Karimganj Biofuels ceased to be a subsidiary Company of Rana Sugars.

Karimganj Biofuels (Wholly Owned Subsidiary of Rana Sugars) has not commenced any business operations since its incorporation. It also has networth of Rs1.00 Lakh as at 26th March 2021.

At around 12:00 OM, Rana Sugars was trading at Rs15.62 apiece up by Rs0.87 or 5.9% on the BSE.

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