The investment is subject to successful completion of a debt restructuring package which would entail WSH, making an additional investment of Rs 783.96 crore in SRSL for the purpose of up-front repayment and settlement of part of the debts and to fund working capital requirements of SRSL.
Lenders of the company converting their part of the debts into equity shares and convertible securities of SRSL.
Waiver of part of the debts and restructuring of the remaining debts through changes in the repayment terms on the terms of a restructuring package.
Completion of the issue is subject to fulfilment of conditions set out in the subscription agreement, which include, inter alia, the receipt of approvals from shareholders of SRSL, the Reserve Bank of India’s Oversight Committee on the restructuring package, and anti-trust clearances from the relevant competition authorities.
Meanwhile the stock traded in negative territory losing 0.525 at Rs 18.96 per share on BSE. The stock on BSE attracted a traded quantity of 14.82 lakh.
Shree Renuka Sugars Ltd is currently trading at Rs 18.87, down by Rs 0.19 or 1% from its previous closing of Rs 19.06 on the BSE.
The scrip opened at Rs 19.06 and has touched a high and low of Rs 19.41 and Rs 17.91 respectively. So far 9004677(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs 1801.64 crore.
The BSE group 'A' stock of face value Rs 1 has touched a 52 week high of Rs 22.4 on 26-Jul-2017 and a 52 week low of Rs 11.47 on 23-Dec-2016. Last one week high and low of the scrip stood at Rs 22.4 and Rs 16.32 respectively.
The promoters holding in the company stood at 54.47 % while Institutions and Non-Institutions held 6.75 % and 38.78 % respectively.
The stock is currently trading above its 200 DMA.
Disclaimer: The contents herein is specifically prepared by ‘Dalal Street Investment Journal’, and is for your information & personal consumption only. India Infoline Limited or Dalal Street Investment Journal do not guarantee the accuracy, correctness, completeness or reliability of information contained herein and shall not be held responsible.
- Save upto Rs.2.67 lakh with Pradhan Mantri Awas Yojana ...Know more
- Now Save Rs.3150 on your Demat Account ...Click here
- Now get IIFL Personal Loan in just 8* hours...APPLY NOW!
- Get the most detailed result analysis on the web - Real Fast!
- Actionable & Award-Winning Research on 500 Listed Indian Companies.