Excelsior Correspondent
SRINAGAR, Feb 24: Sarveshwar Foods Ltd, engaged in the business of processing and marketing of branded and un-branded basmati and non-basmati rice in the domestic and international markets, organized a press as well as investors’ meet with regard to upcoming Public Issue (IPO), here today.
While speaking on the occasion, Promotor of the company Rohit Gupta, CFO of the company J K Jain, Dr Gayatri Tandon, senior official of the company and Asit S Mehta, MD CO- lead manager to issue Asit C Mehta Investment Intermediates Ltd Mumbai, briefed the media persons and investors about their plan to issue equity shares.
They announced that Company has now planned to enter the capital market with an Initial Public Offer of 64, 67,200 equity shares of face value Rs 10 each for cash at a Price Band of Rs 83 to Rs 85 – per equity share.
“The funds raised through the public issue are proposed to be utilized to part finance the working capital requirement, invest in subsidiary- Himalayan Bio Organic Foods Private Limited, meet Issue Expenses and for general corporate purposes”, they further disclosed.
The equity shares are proposed to be listed on the SME Platform of National Stock Exchange of India Limited (“NSE”). Incidentally Sarveshwar Foods Limited will be the first company from private sector and only the second company from the State of Jammu & Kashmir after Jammu & Kashmir Bank Limited to attain “listed status”.
The Book Running Lead Managers to the Issue are Keynote Corporate Services Limited (KEYNOTE), Small Industrial Development Bank of India (SIDBI), Indian Overseas Bank (IOB) and Asit C. Mehta Investment Intermediates Limited (ACMIIL). Bigshare Services Private Limited is the Registrar to the issue and Keynote Capitals Limited is acting as the Market Maker.
The Issue is being made through the Book Built Process wherein 50 percent of the Net Issue shall be available for allocation on a proportionate basis to Retail Investors, and balance 50 percent of the Net Issue shall be available for allocation on a proportionate basis to Non-Retail Investors, irrespective of the number of specified securities applied for, in accordance with SEBI ICDR Regulations, subject to valid Bids being received at or above the Issue Price. The unsubscribed portion in either category specified above may be allocated to the applicants in the other category.
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