Shree Renuka shares jump after firm approves plan to fully acquire Anamika Sugar Mills

Shree Renuka Share Price: Shares of the largest sugar company by market cap, Shree Renuka Sugars, jumped 2.91 per cent, or Rs 1.19, at Rs 55.48 at market close on Monday (September 25), in the first session after its board approved the plan to fully acquire Anamika Sugar Mills. 

Starting the day at Rs 54.76, the share jumped to the day's high of Rs 57.25 before settling to its closing price.

Informing BSE about the acquisition deal, the sugar company said on Saturday (September 23) that it was "entering into binding agreements for acquisition of 100% of the equity shares of Anamika Sugar Mills Private Limited (Anamika), a sugar manufacturing company located in Uttar Pradesh, India; and, subsequent infusion of up to INR 110 crores in Anamika by way of subscription to equity shares of Anamika for the purpose of redemption of 100% of the outstanding cumulative redeemable preference shares (CRPS) issued by Anamika in favour of SICPA India Private Limited."

The company said that raising funds through the issue of unsecured and non-convertible debentures by private placement was subject to necessary approvals.

Shree Renuka stock performance

The shares of the sugar firm have performed well in the last five trading sessions with a jump of 2.21 per cent. They have soared 21.85 in the last month and 34.43 per cent in the last six months. 

However, the shares have traded in negative territory year-to-date with a slide of 4.43 per cent, but they have been up 2.08 per cent in the last one year.

The benchmark Nifty 50, meanwhile, has slid 2.37 per cent in the last five sessions, jumped 1.91 per cent in the last month and rose 15.83 per cent in the six months.

The stock has recorded a 8.12 per cent rise year-to-date, while it has sprung 15.62 per cent in the last one year.