Shree Renuka Sugars Vice Chairman and MD Narendra Murkumbi quits

Murkumbi will continue to retain his post till the stipulated notice period of 90 days or completion of open offer by Wilmar

Narendra Murkumbi, founder promoter of Shree Renuka Sugars Ltd (SRSL), has resigned as vice-chairman and managing director after foreign partner Wilmar International increased its stake in the company to 39 per cent from 27 per cent. Wilmar will now have to make an open offer at Rs 16.29 per share, 5 per cent higher than Friday’s closing price.

Wilmar first picked up stake in Shree Renuka Sugars four years back at Rs 20.08 per share. The company’s board has accepted Murkumbi’s resignation. 

Murkumbi will continue to retain his post till the stipulated notice period of 90 days or completion of open offer