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Wednesday, Aug 31, 2005

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Shree Renuka Sugars plans IPO to fund Rs 128-cr expansion

Our Bureau

Mumbai , Aug 30

SHREE Renuka Sugars Ltd is planning to make a public issue of equity shares at a premium aggregating Rs 100 crore with a green shoe option aggregating Rs 10 crore through a 100 per cent book building process.

The IPO will meet part of the finance required for its Rs 128.50-crore expansion project. The public issue is expected in September/October.

The expansion project involves tripling the cane crushing capacity from 2,500 TCD to 7,500 TCD and doubling the distillery capacity from 60 KLD to 120 KLD, at its plant in Munoli at Belgaum in Karnataka. This plant also has a 20.5 MW co-generation plant and a 1,000 TPD raw sugar-processing refinery, company release said. The company is also setting up a 15-MW co-generation power plant at Mohanrao Shinde Cooperative Sugar Factory in Maharashtra.

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