Shree Renuka Sugars Limited announced on Saturday that its wholly-owned subsidiary, Renuka Commodities DMCC, has sold its remaining 17.1% stake in Mauritius-based Shree Renuka Global Ventures Limited (SRGVL) to Freeway Trading Limited (FTL) for $4,325. The deal was finalized on Friday. This follows a previous divestment in 2019, when the company sold 82.9% of its stake in SRGVL to FTL.
As a consequence of this sale by Renuka Dubai, SRGVL and its step-down subsidiaries will cease to be associates of the Company with effect from 22nd November 2024.
In an exchange filing, the company stated, “We refer to our disclosure dated 25th September 2019, wherein we had intimated to the Stock Exchange that the Company has sold its entire stake of 39,56,74,975 shares (82.9%) in Shree Renuka Global Ventures Limited (SRGVL) (based out of Mauritius), the indirect wholly owned subsidiary of the Company, to Freeway Trading Limited (FTL) and further informed that Renuka Commodities DMCC (“Renuka Dubai”) (based out of Dubai), a wholly owned subsidiary of the Company will continue to hold 8,16,15,000 shares (17.1%) of SRGVL. In continuation, pursuant to Regulation 30 of SEBI (LODR) Regulations, 2015, we wish to inform you that Renuka Dubai has on 22nd November 2024, sold the remaining 17.1% stake in SRGVL to FTL at consideration of USD 4,325.”
