New Delhi, Aug 7 (PTI) Renuka Sugars on Friday said its board has approved issue of 21.16 crore shares on preferential basis to promoter Wilmar Sugar Holdings for Rs 185 crore.

In a regulatory filing, Renuka Sugars said the board of directors has approved the issue of up to 21,16,70,481 equity shares for cash at a price of Rs 8.74 per share aggregating to Rs 185 crore on preferential basis to promoter Wilmar Sugar Holdings Pte Ltd.

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This is subject to approval of the shareholders of the company, it added.

The main objects of the issue are redemption of preference shares issued by the company, subject to the board approval, and general corporate purposes, it said.

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(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)