Gets offers for stake sale in subsidiaries: Renuka Sugars

The country's largest sugar refiner Shree Renuka Sugars today said several investors have shown interest in buying a minority stake in its two subsidiaries in Brazil and the company keeps evaluating such proposals.

Shree Renuka is the country's first sugar company with multinational operations. It acquired Brazilian sugar and ethanol producers -- Vale Do Ivai in 2009 and Grupo Equipav in 2010.

"The company has been receiving various proposals from time to time from reputed investors expressing their interest in acquiring a minority equity stake in its subsidiary," Shree Renuka Sugars said in a filing to the Bombay Stock Exchange.

The company evaluates such proposals in line with its policy to enhance overall shareholders' value, it said.

Shree Renuka also said that Brazilian subsidiaries have not signed any exclusive agreement for marketing their sugar and ethanol output with any party.

The company's shares closed at 61.40 on BSE, up by 3.89% from the previous day.