Raj Oil Mills plans to raise Rs 114 cr through IPO

Raj Oil Mills, the edible oil firm plans to raise up to Rs 114 crore through an initial public offer (IPO) in order to meet its expansion plans and for setting up of new factories in Rajasthan and Maharashtra.

The price band of the IPO is Rs 100-120 per equity share of Rs 10 face value. The issue will hit the capital market on July 20 and will close on July 23, Raj Oil Mills Chairman and Managing Director Shaukat S Tharadra told reporters. The issue would constitute 26.38 per cent of the fully diluted post issue paid up capital of the company, he said.

The proceeds from this issue would be utilized by the company to expand its existing crushing capacity by 200 tonnes at Manor in Maharashtra as well as to set up a new unit with a crushing capacity of 200 tonnes per day at Bagru in Rajasthan. Moreover, it will also set up a refining unit with a capacity of 200 tonnes per day in Maharashtra.