Balrampur Chini in stake-sale talks with Shree Renuka

After failing to negotiate a deal with Bajaj Hindusthan, the promoters of Balrampur Chini are said to be in talks with Mumbai-based Shree Renuka Sugar for a stake sale. An investment banker familiar with the development said these are at a nascent stage.

According to the banker, they have met a couple of times, and are discussing the deal. However, certain sections of the media reported that Balrampur Chini has asked for Rs 215 per share whereas Shree Renuka is offering Rs 175 per share. At Rs 175 per share, valuation of the 36.6% promoter stake is Rs 1,650 crore.