Wilmar Sugar’s additional stake buy in Shree Renuka gets CCI nod
New Delhi: The Competition Commission has approved the additional stake acquisition by Wilmar Sugar Holdings (WSH) in Shree Renuka Sugars.
WSH is a promoter of Shree Renuka Sugars. In a tweet, the Competition Commission of India (CCI) said it has approved the “acquisition of additional equity stake in Shree Renuka Sugars by Wilmar Sugar”. Last year, Shree Renuka Sugars had informed BSE in a regulatory filing that its board had approved issue of up to 50 crore compulsorily convertible preference shares (CCPS) at Rs16.27 each to WSH.
“WSH (is) making an additional investment of Rs 783.96 crore in Shree Renuka Sugars (SRSL) for the purpose of up- front repayment and settlement of part of the debts and to fund working capital requirements of SRSL,” as per the filing.
As per December 2017 quarter, WSH holds 27.24% stake in SRSL. Singapore-based WSH is a wholly-owned subsidiary of Wilmar International and is the main holding company for the Wilmar Group’s global sugar and ethanol businesses, including assets in Australia, New Zealand, Indonesia, Morocco and Myanmar. Shree Renuka Sugars is a global agri-business and bio-energy corporation.