Surya Foods to raise Rs 140 cr
Biscuit maker Surya Foods and Agro, that owns the 'Priyagold' brand, today filed draft prospectus for its initial public offer with market regulator SEBI to raise an estimated Rs 140 crore.
By PTI |
NEW DELHI: Biscuit maker Surya Foods and Agro, that owns the 'Priyagold' brand, today filed draft prospectus for its initial public offer with market regulator SEBI to raise an estimated Rs 140 crore.
The company said it would raise the funds through a book building process, although the price band has not been fixed yet.
It is planning to tap the capital market to fund its expansion plans, which include foraying into chocolate sector and setting up manufacturing facilities in the south.
Earlier this month, company's Chairman and Managing Director B P Agarwal had said that the company was planning to come out with its IPO in early 2008.
The company is looking at utilising the funds raised from the IPO to fund expansion initiatives such as setting up of a unit in South India, preferably in Bangalore, for its newly launched drink 'Fresh Fizzy'.
It has already invested Rs 15 crore to build a capacity of one lakh litre per day for the new brand at its current unit at Greater Noida, where 'Freshgold' brand of juices are produced. The combined investment in food drinks business has reached Rs 40 crore, he said.
Surya Foods is also planning to hike the capacity of its Greater Noida unit to 400 tonnes per day from the current 300 tonnes a day, Agarwal said.
The company said it would raise the funds through a book building process, although the price band has not been fixed yet.
It is planning to tap the capital market to fund its expansion plans, which include foraying into chocolate sector and setting up manufacturing facilities in the south.
Earlier this month, company's Chairman and Managing Director B P Agarwal had said that the company was planning to come out with its IPO in early 2008.
The company is looking at utilising the funds raised from the IPO to fund expansion initiatives such as setting up of a unit in South India, preferably in Bangalore, for its newly launched drink 'Fresh Fizzy'.
It has already invested Rs 15 crore to build a capacity of one lakh litre per day for the new brand at its current unit at Greater Noida, where 'Freshgold' brand of juices are produced. The combined investment in food drinks business has reached Rs 40 crore, he said.
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Surya Foods is also planning to hike the capacity of its Greater Noida unit to 400 tonnes per day from the current 300 tonnes a day, Agarwal said.
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