Kaveri Seed to raise 68 cr from capital market

Mumbai, Aug 30 (UNI) South-based agri-input company Kaveri Seed will enter the capital market with a public issue to raise Rs 68 crore to fund its expansion plan.

The Initial Public offer (IPO) in the price band of Rs 150-170, will hit the bourses on September 6. The lead managers of the issue is Anand Rathi Securities.

The net proceeds of the issue will be used to fund acquisition of farm lands for R&D centres near Hyderabad, Alwar and Ahmedabad.

Established in 1986, the company is mainly into research, production, processing and marketing of high quality hybrid seeds of crops like corn, sunflower, and paddy.

The company has production, processing and R&D facilities in Andhra Pradesh and Karnataka.It has recently entered other states like Bihar, Madhya Pradesh, Gujarat and Uttar Pradesh.

Company managing director G V Rao said, ''Our focus is to expand our operations in various states and invest in research and development for producing high quality seeds to enable farmers to get maximum yields.'' The company recorded a net profit of Rs 10.53 crore for the fiscal 2006-07.

UNI