Sita Shree IPO subscribed 0.36 times
The initial public offering of Sita Shree Food Products received 0.36 times subscription on the second day. The company has set a price band of Rs 27-Rs 30 per share aggregating to Rs 31.50 crore.
By INDIATIMES NEWS NETWORK |
MUMBAI: The initial public offering of Sita Shree Food Products received 0.36 times subscription on the second day. The company has set a price band of Rs 27-Rs 30 per share aggregating to Rs 31.50 crore. The issue closes on Friday.
The issue received 41.48 lakh bids. At cut off price 9.13 lakh bids were received.
The non-institutional investor portion of 17,50,000 shares allocated to them, was subscribed 1.55 times. While the 58,33,334 shares allocated to qualified institutional buyers hardly received any subscription. However the retail portion was subscribed 0.03 times of the 40,83,333 shares allocated to them.
The company plans to utilize 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, just 8 km away from existing location.
The issue received 41.48 lakh bids. At cut off price 9.13 lakh bids were received.
The non-institutional investor portion of 17,50,000 shares allocated to them, was subscribed 1.55 times. While the 58,33,334 shares allocated to qualified institutional buyers hardly received any subscription. However the retail portion was subscribed 0.03 times of the 40,83,333 shares allocated to them.
The company plans to utilize 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, just 8 km away from existing location.
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