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Mumbai, March 14 On the last day of its initial public offering, Sita Shree Food Products Ltd was subscribed 2.44 times across the price band as per the latest data. The issue received bids for 2.84 crore equity shares against the 1.16 crore equity shares that were on offer. The price band for the issue was fixed between Rs 27 and Rs 30

The issue was subscribed a total of 1.02 times by the qualified institutional buyers, 3.24 times by the non-institutional investors and 4.12 times by the retail investors, according to data available on the NSE Web site.

The company processes wheat and pulses and supplies products to companies in the retail industry such as Pantaloon Retail and Reliance Retail. The company proposes to invest the net proceeds of the issue to part-finance its expansion plans at various locations. Plans include setting up a solvent extraction plant having a capacity of 500 tonnes per day, setting up an oil refinery for the solvent extraction plant with a capacity of 100 tonnes per day and also for setting up a flour mill. The company also proposes to use the proceeds to meet its working capital expenses.

The sole book-running lead managers to the issue are Keynote Corporate Services Ltd.

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