Shares of Shree Renuka Sugars slumped 7 per cent 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.
Shree Renuka shares were down 7 per cent at Rs. 20.85.
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.
