Shree Renuka Sugars proposes redemption of unlisted preference shares; stock up ~2%

The company is in the process of seeking requisite approvals from exchanges and from the shareholders of the company in the forthcoming Annual General Meeting.

Sep 02, 2020 10:09 IST India Infoline News Service

Shree Renuka Sugars Limited has proposed to consider and approve redemption of the unlisted preference shares of the company, bypassing a circular resolution on or after September 17, 2020.

It includes 4,28,08,858 number of 0.01% Optionally Convertible Preference Shares (OCPS) having face value of Rs100 each and 7,43,88,207 number of 0.01% Redeemable Preference Shares (RPS) having face value of Rs100 each.

The redemption is proposed to be made out of the proceeds of the proposed issue of 21,16,70,481 equity shares of the company at Rs.8.74 per share, aggregating to Rs185,00,00,004 (the preferential issue), for which, the company is in the process of seeking requisite approvals from exchanges and from the shareholders of the company in the forthcoming Annual General Meeting of the company scheduled on September 7, 2020.

Shree Renuka Sugars Ltd is currently trading at Rs10.47, up by Rs0.2 or 1.95% from its previous closing of Rs10.27 on the BSE.

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