Sita Shree plans to raise Rs 31.50 cr through IPO

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New Delhi, Mar 3 (UNI) Country's leading wheat and pulses processor and supplier, Sita Shree Food products Limited plans today said it will raise Rs 31.50 crore from its initial public offering (IPO).

The IPO will open from March 11 till March 14.

''The price band has been fixed at Rs 27 to Rs 30 for its book-built offer, and will issue between 1.05 crore to 1.16 crore fresh shares through the offer, depending on the issue price'' company statement said.

The Company proposes to invest the net proceeds of the issue to finance its Rs 48.12 crore expansion plan.

Under this plan it will set up a Solvent Extraction Plant having 500TPD capacity, an oil refinery for Solvent Extraction Plant having 100TPD capacity, a Lecithin plant for processing the by products of Solvent Extraction Plant having 5TPD capacity, and a Flour Mill of 275TPD.

The company supplies its products to retail players like Pantaloon Retail and Reliance Retail.

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