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Our Bureau

New Delhi, June 30

Owner of `Daawat' brand of basmati rice, LT Overseas Ltd has filed its Draft Red Herring Prospectus with the Securities and Exchange Board of India.

The company proposes to offer 78,00,000 equity shares of Rs 10 each for cash at a premium to be decided through a book building process.

Of the net offer to the public, not more than 50 per cent of the net issue shall be allocated on a proportionate basis to qualified institutional buyers and not less than 15 per cent of the net issue shall be available for allocation on a proportionate basis to non-institutional bidders.

Further, not less than 35 per cent of the net issue shall be available for allocation on proportionate basis to retail individual bidders. The issue would constitute 35.03 per cent of the fully diluted post issue paid up capital of the company.

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