Leading rice miller Usher Agro Ltd today said that its QIP issue closed today and it has decided to allot it at a price of Rs 92.62, including a premium of Rs 82.62.
It will allot 107,96,800 fully paid-up equity shares of Rs 10 each to the successful bidders, a company statement said here today.
Usher Agro Ltd had made a (Qualified Institutional Placement (QIP) issue in November 2010.
The floor price for QIP issue is fixed at Rs 92.62 as per SEBI (ICDR) Regulations, the statement added.
The funds raised through the QIP route will be used for modernising the Buxar plant as well as expanding the existing rice mills.
Usher started its first project of rice milling at Mathura in 1996, with an installed capacity of 10,800 MTPA, which now stands at over 2,50,000 MTPA apart from 3,00,000 MTPA under implementation.
Besides rice milling, Usher has also set up a 75,000-MTPA wheat flour milling facility and captive co-generation power plant based on rice husk, a bye product of rice milling activity.