Shree Renuka Sugars gains on inking pact to acquire 100% stake in Anamika Sugar Mills
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Shree Renuka Sugars is currently trading at Rs. 55.05, up by 0.29 points or 0.53% from its previous closing of Rs. 54.76 on the BSE.
The scrip opened at Rs. 55.44 and has touched a high and low of Rs. 56.08 and Rs. 54.68 respectively. So far 460321 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 1 has touched a 52 week high of Rs. 68.70 on 11-Oct-2022 and a 52 week low of Rs. 39.50 on 28-Mar-2023.
Last one week high and low of the scrip stood at Rs. 57.25 and Rs. 52.71 respectively. The current market cap of the company is Rs. 11753.52 crore.
The promoters holding in the company stood at 62.48%, while Institutions and Non-Institutions held 13.03% and 24.48% respectively.
Shree Renuka Sugars has entered into a the Share Purchase Agreement (SPA), dated September 26, 2023, with Anamika Sugar Mills (Anamika) for acquisition of 100% of the equity shares of Anamika.
The objective of acquisition is to establish presence in Uttar Pradesh, one of the largest sugar producing states and to cater to the markets of North and East India. The acquisition of Anamika would enable the company to gain access to existing sugarcane catchment area with a significant reduction in lead time for setting up the plant in Uttar Pradesh and easy access to skilled/unskilled labour.
