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Shree Renuka surges 6% on stake sale buzz

Shree Renuka Sugars is looking at various options to ease its Rs 8,400 crore debt burden.

November 05, 2013 / 11:00 AM IST
 
 
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Moneycontrol Bureau


Shares of Shree Renuka Sugars jumped 6 percent in intraday trade on Tuesday on stake sale buzz. Media reports indicate that Singapore-based agri-business group Wilmar is eying stake in the sugar refiner company.


Shree Renuka Sugars is looking at various options to ease its Rs 8,400 crore debt burden.


Wilmar is one of the world’s leading palm oil producers. It will mark Wilmar's foray into sugar markets like India and Brazil if it buys stake in Shree Renuka Sugars.


Meanwhile, the management of Shree Renuka has been talking about reducing debt by selling some of its Brazilian stake or the co-generation stake but nothing has firmed so far.

At 10:36 hrs Shree Renuka Sugars was quoting at Rs 23.30, up Rs 0.70, or 3.10 percent on the BSE.

first published: Nov 5, 2013 10:56 am

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