Jaishree Industries IPO : Plans to raise Rs 57 crore

by khalid on 26/03/2011 · 0 comments

Granite tiles producer Jaishree Industries Limited is planning to enter the primary market with an Initial Public Offer (IPO) of Rs 57 crores. The company has already filed the Draft Red Herring Prospectus (DRHP) with the market regulator Securities and Exchange Board of India (SEBI). Jaishree Industries Limited is engaged in the business of production of granite tiles and slabs with an annual installed capacity of 200,000 square meters. It also manufactures counter tops for export purposes. Company is also engaged in the trading of agri-commodities (food grains & pulses). It intends to expand operations by entering into manufacturing of refined oil from soybean seeds and other soybean products..

The IPO proceeds will be used for expanding the agri commodity business by setting up soybean solvent extraction plant & ancillary units (with the cost of Rs 28.65 crore) and working capital requirement for the proposed expansion project (marble & soybean oil extraction) (with Rs 20.96 crore).

Promoters Shyamsunder Maheshwari and Asha Devi Maheshwari hold 86.65% and 10.09% stake in the company, respectively.

The Sole Book Running Lead Manager to the issue is Ashika Capital Limited .

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