Business Daily from THE HINDU group of publications
Wednesday, Aug 30, 2006
Business Daily from THE HINDU group of publications Wednesday, Aug 30, 2006 |
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Markets
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IPOs Our Bureau
EXPLORING NEW GROUND: Mr Vinod Kumar Chaturvedi, Managing Director, Usher Agro Ltd, addressing a press conference held in Mumbai on Tuesday. - Paul Noronha
Mumbai , Aug. 29 The Mathura-based Usher Agro Ltd , an agri-processing company, is coming out with a public issue of 1.20 crore equity shares of Rs 10 each, at a premium of Rs 5 to raise Rs 18.02 crore. The issue lead manager, IDBI Capital Market Services Ltd, is offering a `safety net' exclusively for resident individual allottees. IDBI Capital offers to buy back up to 800 equity shares from original, resident individual allottees at the issue price of Rs 15 per share. The scheme will be open for a period of six months from the date of allotment. The fixed price issue opens for subscription on September 5 and closes on September 11.
Protecting investors
Speaking at a press meet, Mr Ananta P. Sarma, Executive Vice-President, IDBI Capital, said: "The safety net is intended to protect retail investors from the risks involved in investing in fresh offerings. We are offering this option after considering the company's fundamentals. We will continue to tag along similar schemes to initial offerings of companies engaged in textiles and hospitality business." The total offer includes a promoters' contribution of 32 lakh equity shares at Rs 15 per share aggregating Rs 4.80 crore. The net offer to public will be 88.12 lakh equity shares. "The proceeds of this fixed price public issue will partly go to fund the wheat roller flour mill at Mathura, modernisation of an existing rice mill plant and setting up a new one MW co-generation power plant based on rice husk at Mathura for captive consumption. The remaining portion will be used as working capital," said Mr V.K. Chaturvedi, Managing Director, Usher Agro. The HACCP (Hazard Analysis and Critical Control Point)-certified company expects growth in rice and wheat products. Usher Agro's umbrella brand, `Rasoi Raaja' (for a range of products, including atta, maida and suzi) is being sold in Maharashtra, Gujarat, Delhi, Uttar Pradesh and Bihar.
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