Usher Agro plans IPO for Usher Eco Power

MUMBAI: Usher Agro is planning to come out with an initial public offering of subsidiary Usher Eco Power, reports research analyst, Ajaya Sharma of ET Now. The company is planning to raise around Rs 100 crore via the IPO by diluting about 25 per cent stake in the power unit.

IPO proceeds will be to used to set up 18 MW power plant which will be rice-hisk based bio-mass power unit.

Usher Agro was at Rs 51.75, down 2.45 per cent on the NSE. It touched a high of Rs 54 and low of Rs 51 in trade so far.