Shree Renuka Sugars, the country’s leading sugar refiner, has said its Vice-Chairman and Managing Director Narendra Murkumbi has resigned.

In a regulatory filing, the company said “Narendra Murkumbi has tendered his resignation from his executive position as Vice-Chairman and Managing Director of the company.”

The board has accepted his resignation. Murkumbi will continue to hold this position during the notice period, which extends for 90 days or until completion of the open offer being made by Wilmar Sugar Holdings, whichever is later.

In a separate filing, Renuka Sugars said that it has allotted 481,843,884 equity shares to Wilmar Sugar Holdings. In connection with the implementation of a debt restructuring package, the company said Wilmar Sugar Holdings has exercised option to convert compulsorily convertible preference shares held by them into equity shares.

Last month, the Competition Commission of India (CCI) had approved the additional stake acquisition by Wilmar Sugar Holdings (WSH) in Shree Renuka Sugars. Wilmar Sugar Holdings is one of the promoters of Shree Renuka Sugars.

Last year, Shree Renuka Sugars had announced issue of up to 50 crore compulsorily convertible preference shares (CCPS) at Rs 16.27 each to Wilmar Sugar Holdings.

WSH (is) making an additional investment of Rs 783.96 crore in Shree Renuka Sugars (SRSL) for the purpose of upfront repayment and settlement of part of the debts and to fund working the capital requirements of SRSL, the company had said last year.

As of December 2017 quarter, promoters’ total stake in the company was 54.47 per cent, including WSH’s shareholding of 27.24 per cent.

Singapore-based WSH is a wholly-owned subsidiary of Wilmar International and is the main holding company for the Wilmar Group’s global sugar and ethanol businesses, including assets in Australia, New Zealand, Indonesia, Morocco and Myanmar.

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