Sakuma plans Rs 33 cr expansion

Sakuma Exports plans to expand its commodities business at an investment of Rs 33 crore. To fund its operations, the company will come out with a public issue on February 8.

The company plans to handle bigger orders, risk-free exports and strengthen arbitrage business.

"The initial public offering would comprise 6.67 crore equity shares of Rs 10 at a price of Rs 50 each and 10 lakh cumulative redeemable preference shares (CRPS) (with two optional detachable tradable warrant attached) at a price of Rs 100 each. The public issue will close on February 14," said Chander Mohan, chairman.

Every optionally detachable tradable warrant holder shall have the right to subscribe to one equity share of Rs 10 each at 75 per cent of the average market price for the two calendar months (with reference to the date determined by the company's board) which shall be the average of the daily high and low quotations on the Bombay Stock Exchange.

This right shall be exercisable within 18 months from the date of allotment.