MUMBAI: The initial public offering of Sita Shree Food Products is opened for subscription Tuesday. The issue closes on March 14. The company has set up a price band of Rs 27-Rs 30 per share aggregating to Rs 31.50 crore. 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 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.
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