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Shree Renuka Sugars to sell remaining stake in NCDEX

23 Sep 2015 Evaluate

Shree Renuka Sugars (SRSL) is planning to sell its remaining stake in the National Commodity & Derivatives Exchange (NCDEX) as part of its strategy to sell all non-core assets. In this regard, the company has appointed Motilal Oswal as an advisor for the deal.

The company had bought 5% stake in the exchange from Goldman Sachs Asset Management India for $7.5 million in 2009. It had further increased its stake to 12.5% by acquiring additional stake from Crisil in 2010.

Of its overall holding, SRSL had divested 7.5% stake in NCDEX in May 2014 for Rs 66.54 crore (around $11 million), bringing down its holding in the exchange to 5%. This was done to comply with the regulatory changes made by FMC.

Shree Renuka Sugars is a global agribusiness and bio-energy corporation. The company is one of the largest sugar producers in the world, the leading manufacturer of sugar in India, and one of the largest sugar refiners in the world.

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