Kaveri Seed eyes up to Rs 68 cr in IPO
Agricultural seed maker Kaveri Seed Co. Ltd. is eyeing raising up to Rs 68 crore through a 4-million share initial public offer, set to open next week, the company said on Thursday.
A price band of Rs 150-170 per share has been fixed for the issue that will constitute 27.74 per cent of the post-issue capital, the company said in a statement.
The funds raised will be used to buy farm land for research, set up corn cob drying plants in Karnataka and Andhra Pradesh, a biotechnology laboratory and a seed processing plant, both near Hyderabad.
A part of the money will also be used to upgrade existing seed processing units, the company added.
Anand Rathi Securities, Sobhagya Capital Options and SREI Capital Markets are the book running lead managers for the issue that is set to open on Sept 6 and close on Sept 11.
For 2006/07, Kaveri reported profit after tax of Rs 10.53 crore on total income of Rs 67.23 crore.
