Shares in Shree Renuka Sugars, India's biggest refiner, rose nearly 4% on Monday after it acquired a 51% stake in Brazil's Equipav SA Acucar e Alcool for $329 million.
The Brazilian firm, which holds the sugar and alcohol assets of Equipav Group, owns two large sugar mills with integrated co-generation facilities, in south eastern Brazil, Shree Renuka said in a statement on Sunday.
The sugar mills have a combined annual cane-crushing capacity of 10.5 million tonne and a co-generation capacity of 203 megawatts (MW), it said.
At 9.02 am, shares were up 1.9% at Rs 183.3 in a firm Mumbai market.
Shree Renuka stock price
On November 24, 2015, Shree Renuka Sugars closed at Rs 15.32, down Rs 0.03, or 0.2 percent. The 52-week high of the share was Rs 18.70 and the 52-week low was Rs 7.03.
The latest book value of the company is Rs 16.56 per share. At current value, the price-to-book value of the company was 0.93.
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