Rajshree Sugars rises on the buzz to sell its subsidiary company

21 Oct 2016 Evaluate

Rajshree Sugars & Chemicals is currently trading at Rs. 61.80, up by 1.70 points or 2.83% from its previous closing of Rs. 60.10 on the BSE.

The scrip opened at Rs. 59.80 and has touched a high and low of Rs. 61.80 and Rs. 59.80 respectively. So far 1,117 shares were traded on the counter.

The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 89.75 on 16-Jun-2016 and a 52 week low of Rs. 19.70 on 12-Feb-2016.

Last one week high and low of the scrip stood at Rs. 61.80 and Rs. 59.00 respectively. The current market cap of the company is Rs. 174.07 crore.

The promoters holding in the company stood at 47.83%, while Institutions and Non-Institutions held 0.04% and 52.13% respectively.

Rajshree Sugars & Chemicals is reportedly in talks with Natems Sugar, a Hyderabad-based company, to sell its subsidiary company ‘Trident Sugar’. Natems is in advanced stage of negotiations and is carrying out the due-diligence; an announcement is likely in a week or 10 days.

Rajshree Sugars, based in Coimbatore, Tamil Nadu, acquired Trident Sugars in 2006, and it is one of the four sugar mills it operates. The other three units are in Tamil Nadu. It had announced the sale of the subsidiary as part of a Corporate Debt Restructure activity.

Trident Sugar operates a standalone sugar mill with a capacity to crush 3,000 tonnes sugarcane daily at Medak district in Telangana. There is provision to expand the facility.


Rajshree Sugars&Chem Share Price

57.76 1.12 (1.98%)
28-Mar-2024 16:01 View Price Chart
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