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| Exchange Disseminated Time | With reference to the news item appearing in a leading financial daily titled "NSE to Buy 5% of Renuka Sugars Stake in NCDEX", Shree Renuka Sugars Ltd has Clarified to BSE as under :
"In continuation of our letter dated May 08, 2014 sent under Clause 36 of the Listing Agreement, intimating that the Company has entered into agreements/Term Sheets for sale of 38,02,300 equity shares of National Commodity & Derivatives Exchange Limited (NCDEX), representing 7.5% of paid-up capital of NCDEX for a total sale consideration aggregating to Rs. 66.54 crores, subject to necessary approvals of NCDEX Board and Forward Markets Commission (FMC).
As intimated, the proposed sale was subject to necessary approvals of FMC and NCDEX Board which we received subsequently. We would thereby like to inform you that the Company has completed the aforesaid transactions on May 22, 2014 with regard to sale of 38,02,300 equity shares of NCDEX, representing 7.5% of paid-up capital of NCDEX for a total sale consideration aggregating to Rs. 66.54 Crores. Subsequent to the said transaction, the Company's stake stands reduced from 12.5% to 5% in NCDEX.
Further, the Company has been disclosing all price sensitive information to the Stock Exchange as required under the Listing Agreement, from time to time, especially our Disclosure dated May 08, 2014". |
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