Punjab-based Tara Health Foods has fixed the price band of its initial public offer (IPO), that opens on April 28, at Rs 180-190 per share.
The issue closes on April 30, a press release issued here today said.
The company, among India's leading organised players in cattle nutrition and healthy edible oil industry, is eyeing up to Rs 190 crore through its IPO.
The issue will constitute 33.28 per cent of the post-issue paid-up capital of the company.
The company intends to utilise the proceeds from the issue to set up a new edible oil refining plant and expansion of its cattle feed plant at Malerkotla, Punjab.
It has two manufacturing units-- one in Punjab at Jitwal Kalan near Malerkotla in Sangrur district and another one in Uttarakhand at Sitarganj. Both sites have cattle feed manufacturing plants of 250 tonnes per day (tpd) each.
In addition, the company has a 250 tpd captive consumption oriented solvent extraction plant and a 120 tpd refining plant for edible oil at Malerkotla.
The company's profit after tax (PAT) has grown from Rs 1.16 crore in FY '07 to Rs 17.12 crore in FY '09. Net sales have also shown an upward trend from Rs 31.4 crore in FY '07 to Rs 195.1 crore in FY '09.
Atherstone Capital Markets Ltd is the sole book-running lead manager to the issue and Bigshare Services Pvt Ltd is the Registrar to the IPO.