Usher Agro

By Research Desk
about 11 years ago
Usher Agro

Usher Eco Power (UEPL), promoted by Usher Agro Ltd, has filed its DRHP with Sebi on 3.11.2008 to enter the capital market with a public issue of equity shares of Rs 10 each at a price to be decided at a later date, aggregating Rs 52.50 crores. The issue comprises of promoters contribution amounting to Rs 16.50 crores and the net issue to the public aggregating Rs 36 crores. The issue shall also have a green shoe option aggregating Rs 7.88 crores. The issue with the green shoe option will aggregate to Rs 60.38 crores.

 

The company proposes to list its shares on BSE and NSE. The BRLM to the issue is IDBI Capital Market Services.

 

The objects of the issue are to set up a 16 MW biomass co-generation power plant; margin money for working capital requirements and to meet the issue expenses.

 

The company proposes to utilize the procees from the issue to part finance the above-mentioned project cost of Rs81.86 crores. The company will deploy Rs 10.11 crores for land, site development and civil works; Rs 62.31 crores for plant and machinery and miscellaneous fixed assets; Rs 4.58 crores for pre-operative expenses and contingencies and Rs 4.86 crores for working capital margin  and to meet the issue expenses.

 

Besides Rs 36 crores from the issue proceeds, the promoters will chip in with Rs 20.86 crores, besides a term loan of Rs 25 crores from the bank to finance the project cost.

 

The company proposes to set up a paddy husk-fired 16 MW.

 

One of the main promoters of the UEPL - Usher Agro Ltd, (UAL) is engaged in milling and processing of raw white rice, par-boiled rice and steam rice of different grades of non-basmati rice, basmati rice and wheat products like atta, maida and suzi. UAL has milling facilities in UP and Bihar and wheat milling units at Mathura in UP. It has also set up a 1 MW co-generation power plant using paddy husk for captive consumption.

 

For the year ended 30.3.08, the company posted a loss of Rs73,000 as compared to a loss of Rs 1.46 crore for the year ended 30.3.07.

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