Indian IPO

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Friday, May 19, 2006

Sunstar Overseas gets SEBI nod for IPO

Rice exporter Sunstar Overseas Ltd today said it will raise money from the capital markets through an initial public offer to fund its expansion plans.

The company has got SEBI approval for the IPO, it said in a release here.

The offering would be made through a 100 per cent book building issue, the company said.

The company would float an issue of 56 lakh equity shares of Rs 10 each of which 2.8 lakh shares would be issued to employees through an open offer while a net of 53.2 lakh equity shares would be offered to the public, it added.

The issue would constitute 34.96 per cent of the fully diluted post issue paid-up capital of the company.

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