Usher Agro opens QIP issue today

Mumbai: One of the leading rice millers in India, Usher Agro Ltd, today announced the opening of QIP. The floor price of the issue is Rs. 92.62 as per ICDR regulations.

The funds raised through the QIP route will be used for modernizing the Buxar plant as well as expanding the existing rice mills.

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 opening of the issue, Mr. Vinod Kumar Chaturvedi, MD – Usher Agro Limited said, "We are extremely positive about this QIP issue. It will help us raise the required funds & help us expand our capacities at our existing plant and improve operational efficiencies. The issue will also guarantee a fulfillment of long term working capital requirement."

Source : Equity Bulls

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