Sita Shree Food Products will list on Monday

Indore-based Sita Shree Food Products will debut at the bourses on Monday (Apr. 7, 2008).

The company had come out with an IPO in the price band of Rs 27 to Rs 30 a share of Rs 10 each. It had fixed its issue price at the upper band.

The company received moderate response from investors to its initial public offering (IPO), which subscribed 2.44 times.

The equity shares are proposed to be listed on BSE and NSE.

The company proposes invest the net proceeds of the issue to part finance its Rs 481.2 million expansion plan. The plan include setting up of a solvent extraction plant having 500 TPD 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.

Sita Shree`s existing plant is located at Indore on 2.5 acres of land. Its product portfolio consists of wheat flour, maida, rawa, daliya, suji, chana dal etc. These products are marketed under its own brand like Sita Shree, Regular and Sita Shree Gold or sold to other brands.