Usher Agro approves QIP of upto Rs 100 crore

Mumbai: Usher Agro Ltd. (BSE code: 532765), one of the leading rice millers in India, reported a robust growth in revenue for the quarter ended, March 31, 2010.

The funds raised through the QIP route will be used for modernizing the Buxar plant as well as expanding the existing rice mill. The company saw a good growth in the rice milling segment.

The QIP funds will also be used to build a Silos Complex for grain storage at its plant at Chhata, expansion of its wheat milling capacity at Mathura and for long term working capital requirements. The company is also planning to set up a 1.00 MW captive power plant at Buxar- Bihar.

Commenting on the funds raised, Mr. Vinod Kumar Chaturvedi, MD – Usher Agro Limited said, "We are extremely positive about the QIP issue. Not only it will help us with the expansion of capacities at our existing plant and to improve operational efficiencies but will also guarantee a fulfillment of long term working capital requirement."

Source : Equity Bulls

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