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Dwarikesh Sugar to tap market
By Our Staff Correspondent
MUMBAI,
NOV. 24.
Dwarikesh Sugar Industries is entering the capital market with a public offer of 50 lakh equity shares of Rs. 10 each issued at a premium of Rs. 55 per share aggregating Rs. 32.50 crores. The issue is slated to open on November 29 and close on December 3.
The company operates a 6,500 tonnes crushing per day sugar plant at Bijnor in Uttar Pradesh and co-generates 9 MW of power.
The company is now setting up a 30 kilo litre a day distillery to make industrial alcohol and a 200 tpd sugar refinery with packaging facilities. The total capital expenditure for the projects is Rs. 38 crores to be funded by the public issue of Rs. 32.50 crores and a term loan of Rs. 6 crores. Post public issue, the paid up capital of the company will be Rs. 12.56 crores and its net worth will be Rs. 70.37 crores.
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