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Hiving off one of units of Brazilian subsidiary: Shree Renuka

Speaking about the same to CNBC-TV18, Narendra Murkumbi of Shree Renuka Sugars said the banks were ready to take 70 percent haircut and exit with 30 percent of the face value of the debt.

August 29, 2016 / 13:54 IST
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Shree Renuka Sugars share are trading higher on news that the Judicial Protection Law has approved a rejig plan presented by the company's Brazilian arm.

Speaking about the same to CNBC-TV18, Narendra Murkumbi of Shree Renuka Sugars said the banks were ready to take 70 percent haircut and exit with 30 percent of the face value of the debt.

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Murukumbi said the company was not putting in any new money at the moment, but in fact was hiving off one of the units of the Brazilian subsidiary. 

Below is the verbatim transcript of Narendra Murkumbi's interview to Latha Venkatesh, Sonia Shenoy & Varinder Bansal.