Shree Renuka Sugars Rose 2.3% After it Acquired a 100% Stake in Anamika Sugar Mills

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Shares of Shree Renuka Sugars Ltd. rose over 2% on October 9 as market participants reacted to the earlier announcement regarding the acquisition of Anamika Sugar Mills.

The sugar refiner’s share price rose nearly 2.3 per cent on Monday to hit an intraday high of Rs 55.15. As of 12:05 pm, the stock was trading at Rs 54.30, up 0.74% from its previous closing price on the National Stock Exchange (NSE).

shree renuka sugars
shree renuka sugars

 

The company announced in a stock exchange filing on October 6 that it has completed the acquisition of 5,00,48,589 shares of Anamika Sugar Mills for Rs 47.05 per share, totaling Rs 235.5 million.

 The acquisition provides access to existing sugarcane basins, significantly reducing the time it takes to set up a factory and establish a presence in Uttar Pradesh, one of the largest sugar states, and This will further facilitate supply to the Indian and East Indian markets. . Another benefit of the acquisition is that it will give the company easier access to skilled and unskilled labor.

 Shree Renuka Sugars is a fully integrated public sector enterprise that produces and markets sugar, power and ethanol. Anamika Sugar Mills, on the other hand, is a private company engaged in the cultivation, manufacturing, processing, refining, distribution, marketing and trading of sugar, sugar products and by-products.

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