Wilmar Sugar

The ordinary resolution to this effect was approved by the shareholders at an extra ordinary general meeting, according to a regulatory filing

WSH is a promoter of Shree Renuka Sugars

Faced with the interest cost wiping out the entire profit and turning the company therefore into the red for the last four years, promoters of the integrated sugar manufacturer Shree Renuka Sugars (SRSL) have divested a part of their stake in the company to Wilmar Sugar Holdings Pte. Ltd. (WSH), Singapore.WSH had acquired 27.22 per cent, half of promoters' existing stake then in SRSL, at a total consideration of $200 million (Rs 1200 crore) in 2014. SRSL has announced a preferential issue of upto 500 million 0.01 per cent compulsorily Convertible Preference Shares (CCPS) of Rs 16.27 each at par to WSH at an investment of Rs 783.96 crore. Narendra Murkumbi, managing director of SRSL said in an interview that the issuance of CCPS is a part of the company's restructuring exercise to which even lenders agreed upon. Post conversion of CCPS upon fully divestment of stake, WSH's stake in the company would go upto 38 per cent with banks' at between 25 and 27 per cent. Promoters' (Murkumbi ...