Shree Renuka Sugars audit committee finds no deviation in utilization of funds

The company reported a consolidated net loss of Rs141.2cr for the quarter ended December on higher expenses.

Feb 10, 2021 01:02 IST India Infoline News Service

Shree Renuka Sugars Limited (SRSL) informed the exchanges Tuesday that audit committee reviewed the statement of utilization of funds raised through preferential issue of equity shares to Wilmar Sugar Holdings Pte. Ltd. and found no deviations and variations.

“There is no deviation in the use of proceeds from the objects stated in the explanatory statement to the notice for the general meeting.

There is no variation between projected utilisation of funds and the actual utilisation of funds,” the company said.

The total projected utilisation of funds was Rs185cr and actual utilisation 180.3cr with balance amount of Rs4.7cr. It included redemption of OCPS Rs89.6cr (projected utilisation) and Rs87.7cr (actual utilisation) with balance amount of Rs1.9cr. Redemption of RPS at Rs75.4cr (projected utilisation) and Rs72.6cr (actual utilisation) with balance amount of Rs2.83cr. General Corporate Purpose utilisation was Rs20cr.

The company reported a consolidated net loss of Rs141.2cr for the quarter ended December on higher expenses. It had posted a net loss of Rs208.6cr in the year-ago period.

Total income in the third quarter of the current financial year increased to Rs1,398.6cr from Rs1,003.9cr in the corresponding period of the previous year.

Shree Renuka Sugars Ltd (SRSL) is one of the largest sugar manufacturers and refiners in India.

At arounbd 1.38 pm, the company stock was trading at Rs9.71 per piece down by Rs0.24 or 2.41% from its previous closing of Rs9.95 per piece on the BSE.

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