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Sarveshwar Foods SME IPO opens today

Monday, March 05, 2018
By A Business Reporter

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 now plans 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 issue which opens today February 5 will close on February 7, 2018.

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.

Sarveshwar Foods Limited, established in 2004 and headquartered in Gummat in Jammu & Kashmir, is primarily engaged in the business of processing and marketing of various types of rice in the domestic and international markets. Company currently operates through two (2) rice milling and processing facilities i.e. at Seora (Unit I) and SIDCO (Unit II).

The Company has successfully converted more than 9000 Hectares of conventional agricultural land into “Organic Farming”, said Rohit Gupta, MD, Sarveshwar Foods Limited.

Currently just 0.15 per cent of Indians consume organic food, which if even grows to 2 per cent, will provide a big business opportunity. The demand for organic food is expected to rise substantially in the near future, he added.

The Book Running Lead Managers to the Issue are Keynote Corporate Services Limited, Small Industrial Development Bank of India (SIDBI), Indian Overseas Bank (IOB) and Asit C. Mehta Investment Interrmediates Limited (ACMIIL). Bigshare Services Private Limited is the Registrar to the issue and Keynote Capitals Limited is acting as the Market Maker.

The shares will be listed on the SME Platform of National Stock Exchange of India Limited.

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