Shree Renuka Sugars (SRSL), an integrated manufacturing company with strategic focus on sugar and its allied products in power and ethanol has announced that the company's Brazilian subsidiary Shree Renuka do Brasil Participacoes (SRDBPL) together with all of its subsidiaries has filed for bankruptcy protection under judicial recovery in the designated court in Sao Paulo.

Renuka do Brazil expects that the court will authorise it to continue to conduct its business as usual while it devotes efforts to find a long term sustainable solution for its capital structure.

After the acceptance of the request under the judicial recovery law, Renuka Brasil will be under judicial protection for a period of 180 days during which the company has to present a plan to the court for approval with the creditors including banks.

Shares of the company declined Rs 0.11, or 1.42%, to trade at Rs 7.62. The total volume of shares traded was 596,460 at the BSE (11.49 a.m., Tuesday).