Sunstar Overaseas Ltd plans IPO gets SEBI Approval

Mumbai, May 19 (UNI) Sunstar Overseas Ltd, one the largest exporter of Conventional and Organic Basmati Rice in World, has got the Securities and Exchange Board of India (SEBI) approval for its initial public offering (IPO).

The Company will enter the capital market with an IPO through a 100 per cent book built issue,the release said.

The public offer consists of 56 lakh equity shares of Rs ten each.

The Issue comprises resersvation of 2.80 lakh Equity shares for permanent employees on a competitive basis and the net issue to public of Rs 53.20 lakh equity shares each.The Issue would constitute 34.96 per cent of the fully diluted Post Issue paid up Capital of the Company.The objective of the Issue is to expand and upgrade existing facilities, the release added.

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