Vishwaraj Sugar industries based in Bellad Bagewadi, Taluka: Hukkeri Belagavi District will tap the equity market through an IPO to raise ₹60 crore through offer-for-sale and fresh equity issuance.
The issue, which will be open for subscription between next Monday and Friday, has a price band of ₹55-60 a share and the minimum quantity for subscription is 240 equity shares. The equity shares will be listed on the BSE and the NSE.
Of the one crore shares on offer, 40 farmers associated with the company will sell 66 lakh shares to raise ₹39.6 crore while the promoters will offload four lakh shares to mop up ₹2.4 crore.
Vishwaraj Sugar produced 10 lakh quintals of sugar last year and is carrying an inventory of 5 lakh quanitals. In a bid to reduce inventory, the company plans to divert some of the sugar cane juice for producing ethanol and rectified spirit during this crushing season, said Mukesh Kumar, Executive Director, Vishwaraj Sugar. While the company’s total income increased 15 per cent to ₹308 crore (₹269 crore) in the year ended March 2019, it logged a net loss of ₹18 crore against loss of ₹4 crore) due to high finance cost of ₹36 crore (₹21 crore).
• Mr. Umesh Katti – Chairman & NonExecutive Director
• Mr. Ramesh Katti –
• Mrs. Sheela Katti
• Mrs. Jayashree Katti
• Mr. Nikhil Katti – Managing Director
• Mr. Lava Katti
• Mr. Kush Katti
• Mrs. Sneha Nithin Dev