Shree Renuka remains sweet

Shree Renuka Sugars remains in the limelight. The stock is currently up almost 4% at Rs.31.35, a tad shy of breaching its 52-week high of Rs.31.80.

The stock remains in the green following the opening of its open offer yesterday. This offer is from Wilmar International, which plans to acquire a maximum of 24.31 crore shares or 26%, offering at Rs.21.89/share to the public shareholders of Shree Renuka Sugars. The open offer ends on June 20. There is now a major gap, of almost Rs.10/share between the open offer price and the current market price. Thus one needs to wait and see if the offer goes through and becomes successful.