The Vishwanath Sugar and Steel Industries Ltd has now become Vishwaraj Sugar Industries Ltd. The Company earlier had plans to diversify in the steel sector, but since it has deferred plans indefinitely, the company decided to rename it to Vishwaraj Sugar Industries Limited to reflect the present activities of the Company.
The market regulator Securities and Exchange Board of India (Sebi) has given a nod to launch an initial public offer of the company and it proposes to enter the capital markets to fund its expansion plan in the near future. Ashika Capital Limited will be the sole book running lead manager for this IPO.
The company is primarily into the business of production of sugar, alcoholic spirits by distillation including ethanol, blending and bottling of Indian Made Foreign Liquor (IMFL) and generation of power. The Company has an integrated sugar production facility located at Bellad Bagewadi, Belgaum District in North West Karnataka, which has been classified as a High Recovery Zone for sugar production by the Government of India.
Vishwaraj Sugar now proposes to expand its integrated production facility from the proceeds of the proposed public issue.