L.T. Overseas Limited files Draft Red Herring Prospectus with SEBI

Mumbai, June 30 (UNI) L.T. Overseas Ltd, owners of ''Daawat'' brand of basmati rice, has filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) to enter the capital market with its initial public offering.

Stating this, the company's press release said it proposes to offer 78,00,000 equity shares of Rs.10 each for cash at a premium to be decided through a book-building process. Of this the company has reserved 3,90,000 equity shares for allotment to its eligible employees. The balance 74,10,000 equity shares would be offered to public.

Of the net offer to public, not more than 50 per cent of the Net Issue shall be allocated on a proportionate basis to Qualified Institutional Buyers (of which, 5 per cent of the QIB portion shall be available for allocation on a proportionate basis to Mutual Fund).

Further, not less than 15 per cent of the Net Issue shall be available for allocation on a proportionate basis to Non Institutional Bidders and not less than 35 per cent of the Net Issue shall be available for allocation on a proportionate basis to Retail Individual Bidders.

The issue would constitute 35.03 per cent of the fully diluted post issue paid-up capital of the company.

The Book Running Lead Managers to the issue are UTI Securities Limited&IL& FS Investsmart Limited.

UNI SN MAZ AG2057