Financial Daily from THE HINDU group of publications
Tuesday, Nov 01, 2005
Financial Daily from THE HINDU group of publications Tuesday, Nov 01, 2005 |
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Markets
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IPOs Agri-Biz & Commodities - Sugar Shree Renuka Sugars ends below offer price Our Bureau
Ms Vidya Murkumbl, Chairperson, Shree Renuka Sugars Ltd, striking the gong at the Bombay Stock Exchange convention hall for the listing of Shree Renuka Sugars Ltd shares in Mumbai on Monday. — Paul Noronha
Mumbai , Oct. 31 SHARES of Belgaum-based Shree Renuka Sugars Ltd listed at a premium on Monday on the Bombay Stock Exchange at Rs 310 per share against the issue price of Rs 285. However, the share price soon came down to touch a low of Rs 258 during the day before settling to close at Rs 261.85. Total cumulative volumes touched 3.22 lakh equity shares. The company raised Rs 110 crore through its IPO, which was subscribed nearly 15 times. The company has about 9,500 farmers of sugarcane from the Belgaum district as shareholders. These farmers have been allotted equity shares of 500 shares each at par. "With the shares listing, they will see a significant appreciation in their investment," Mr Narendra Murkumbi, Managing Director, SRSL, said after the listing ceremony at BSE. A representative group of over 80 farmers were present at the function. "Post-IPO, the shareholding of 9,500 farmers will be around 21 per cent of the total share capital which was about 25 per cent earlier," he said.
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