MUMBAI: Sita Shree Food Products will enter the capital markets on March 11 with a public issue aggregating Rs 31.50 crore through the book building process. The price band has been fixed at Rs 27 to Rs 30 per share and the issue closes on March 14.
The issue has been graded by CARE as "IPO grade 2".The equity shares are proposed to be listed on BSE and NSE.
The company proposes to invest the net proceeds of the issue to part finance its Rs 48.12 crore expansion. The plan include setting up of a solvent extraction plant having 500 tonne per day capacity, a oil refinery for solvent extraction plant having 100 tpd capacity, a lecithin plant for processing the by products of solvent extraction plant having 5 tpd capacity, and a flour mill of 275 tpd.
The proposed project will be set up at Badiakima, Indore, Madhya Pradesh just 8 km away from existing location. The company has received sanction from Union Bank of India for term loan of Rs 10 crore. The promoters have already brought in their contribution of Rs 6.24 crore.
Sita Shree's existing plant is located at Indore on 2.5 acres of land. Its product portfolio consists of wheat flour, maida, rawa, daliya, suji, chana dal etc. These products are marketed under its own brand like "Sita Shree", "Regular" and "Sita Shree Gold" or sold to other brands. Its turnover is dominated by bulk packing products segment.
The company achieved a turnover of Rs 80.74 crore and profit after tax of Rs 92.92 lakh for the year ended March 31, 2007. For the first seven months of the current fiscal ended on Oct 31, 2007 the turnover was Rs 50.17 crore and PAT Rs 59.17 lakh.
The issue has been graded by CARE as "IPO grade 2".The equity shares are proposed to be listed on BSE and NSE.
The company proposes to invest the net proceeds of the issue to part finance its Rs 48.12 crore expansion. The plan include setting up of a solvent extraction plant having 500 tonne per day capacity, a oil refinery for solvent extraction plant having 100 tpd capacity, a lecithin plant for processing the by products of solvent extraction plant having 5 tpd capacity, and a flour mill of 275 tpd.
The proposed project will be set up at Badiakima, Indore, Madhya Pradesh just 8 km away from existing location. The company has received sanction from Union Bank of India for term loan of Rs 10 crore. The promoters have already brought in their contribution of Rs 6.24 crore.
Sita Shree's existing plant is located at Indore on 2.5 acres of land. Its product portfolio consists of wheat flour, maida, rawa, daliya, suji, chana dal etc. These products are marketed under its own brand like "Sita Shree", "Regular" and "Sita Shree Gold" or sold to other brands. Its turnover is dominated by bulk packing products segment.
The company achieved a turnover of Rs 80.74 crore and profit after tax of Rs 92.92 lakh for the year ended March 31, 2007. For the first seven months of the current fiscal ended on Oct 31, 2007 the turnover was Rs 50.17 crore and PAT Rs 59.17 lakh.
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