Sita Shree IPO fixes issue price at Rs 30

MUMBAI: Sita Shree Food Products has fixed the issue price of its initial public offering at the upper price band of Rs 30. The issue was subscribed 2.38 times after teething trouble on the first day of its opening on Mar 11. The IPO had closed on Mar 14. The issue was in the price band of Rs 27-Rs 30 per share aggregating to Rs 31.50 crore.

The company plans to utilise the net proceeds to part finance its Rs 48.12-crore expansion. This includes 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 project will be set up at Badiakima, Indore, Madhya Pradesh.

CRISIL had assigned Grade "2/5" to the IPO. The shares will be listed on Bombay Stock Exchange and National Stock Exchange.