Shares of this ethanol stock surged nearly 4 percent on Monday after the company sold its entire 82.9 percent stake in its subsidiary to Freeway Trading Ltd. earlier and has now sold the remaining 17.1 percent stake for USD 4,325 on November 22, 2024.
Price Movement
In Monday’s trading session, the share price of Shree Renuka Sugars Ltd surged to an intra-day high of Rs.40.65 per share rising 3.5 percent from its previous close of Rs.39.26 apiece.
What is the news
Shree Renuka Sugars Ltd has sold its remaining 17.1 percent stake (8,16,15,000 shares) worth nearly Rs.328 crore in Shree Renuka Global Ventures Limited (SRGVL) to Freeway Trading Limited (FTL) for USD4,325 on November 22, 2024. Following this sale, SRGVL and its subsidiaries are no longer associates of the company.
SRGVL had a net worth of USD (7,333) and nil turnover in FY 2023-24, with no contribution to consolidated net worth or turnover. The buyer is not affiliated with the promoter/group companies.
Products and Services
Shree Renuka Sugars Limited operates a broad agribusiness portfolio, specializing in sugar production with India’s largest refining capacity. The company also produces ethanol from molasses and rectified spirits and generates power through bagasse-based co-generation plants. Additionally, it engages in the trading of commodities such as raw sugar, coal, and alcohol, further diversifying its offerings.
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Manufacturing Facilities
Shree Renuka Sugars Limited operates multiple manufacturing facilities across India, including seven sugar mills in Karnataka and Maharashtra with a combined crushing capacity of 7.1 million tons annually. The company also runs two port-based refineries in Kandla, Gujarat, capable of refining 1.7 million tons of sugar per year. It produces ethanol through its distilleries and generates renewable energy using bagasse, supplying excess power to state grids.
Current Shareholding Pattern
As of September 2024, the shareholding pattern of Shree Renuka Sugars Limited shows that promoters hold 62.48 percent stake, while Foreign Institutional Investors hold 4.25 percent. Domestic Institutional Investors and Retail Investors hold 10.12 percent and 23.15 percent, respectively.
About the Company
Shree Renuka Sugars Limited (SRSL), established in 1995 and headquartered in Mumbai, India, is an integrated agribusiness and bio-energy company. It specializes in sugar production and refining, ethanol manufacturing, and power generation, with the largest sugar refining capacity in India at 4,000 tons per day.
Written by – Siddesh S Raskar
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