Renuka Sugars issues shares worth Rs 27 cr to StanC

Renuka Sugars has allotted shares worth Rs 27.21 crore to Standard Chartered Bank against the part-conversion of its loan.

The allotment committee of the Board of Directors today "approved the allotment of 1,64,35,338 equity share of face value of Re 1 at a price of Rs 16.56 per equity shares aggregating to Rs 27,21,69,197.28 to Standard Chartered Bank," Shree Renuka Sugars said in a BSE filing.

The allotment of equity shares to Standard Chartered Bank, which is one of the lenders from the Joint Lenders' Forum, in lieu of and against the conversion of a part of the loans availed by the company from Standard Chartered Bank.

As a result, the paid up share capital of the company stands increased from about Rs 92.88 crore to Rs 94.52 crore.

Renuka Sugars has posted a net loss of Rs 42 crore for the quarter ended December 31, 2016. Its net loss stood at Rs 24.1 crore in the year-ago period.

Total income increased to Rs 2,068.9 crore in the third quarter of the current fiscal from Rs 1,555.2 crore in the corresponding period of the previous year.

(This article has not been edited by DNA's editorial team and is auto-generated from an agency feed.)