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Mumbai, March 3 Sita Shree Food Products Ltd, a wheat and pulses processor and supplier of products to retail industries, on Monday announced that it would be entering the capital markets with an IPO aggregating Rs 31.50 crore. The issue will open on March 11, and will close on March 14. The price band of the issue is fixed between Rs 27 and Rs 30. The equity shares of the company are proposed to be listed on both BSE and NSE.

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 and also meet the expenses of the issue.

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

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