Shree Renuka slumps on fears of equity dilution after Wilmar deal

Tags: Companies
Shares of Shree Renuka Sugars fell on fears of equity dilution after Singapore's Wilmar International said on Thursday it has agreed to invest up to $145 million for a major stake in the company.

The transaction, which will be completed in multiple steps, will see Wilmar - the world's top palm oil processor with business interests in sugar, lauric oils and other commodities - and the founders of the Indian company owning equal stakes in Shree Renuka.

Shree Renuka Sugars stock was down 6.5 percent to 20.95 rupees at 9.33 a.m.

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