Stocks

Rasoya Proteins completes GDR issue

Our Bureau Mumbai | Updated on April 04, 2011


Rasoya Proteins, one of the leading producers of edible oil and soya-based products, has raised Rs 146 crore through issue of Global Depository Receipts (GDR). It had allotted 10,44,571 GDR to the Bank of New York, depository to the GDR holders. The GDR allocation will be equivalent to 2,08,91,420 equity shares.

The funds will be utilised to install new vegetable oil refinery to process soya and palm oil to be imported in crude form. The new refinery would come up near a port, the company said.

Future plans

Rasoya Proteins further plans to venture into value added products such as solvent extraction and vegetable oil refinery. Under the value addition products, the company plans to put up aqua feed processing plant, cereal processing plant, besides technological upgradation of existing manufacturing set up. It also intends to acquire additional units in India or abroad as part of its growth strategy.

Recent deal

The company has recently signed an agreement with Maharashtra State Electricity Distribution Company for sale of 7.5 MW a hour of the production of 10 MW.

As Wani is well known for its coal reserves, this would enable the company to get long term economy for a co-generation captive power plant, it said.

The company expects to achieve a turnover of Rs 400-425 crore in fiscal 2010-11. With the commencement of new extraction and refinery unit in Buldhana district, early fiscal, the company expects to double the turnover.

The company shares on BSE were up five per cent at Rs 102 on Monday.

Published on April 04, 2011

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