Sita Shree Food Products is open for subscription with an initial public offering equity shares of Rs 10 each at a price band of Rs 27-30 per share for cast aggregating Rs 31.5 crore.

Moneycontrol conducted a poll on market experts to check whether to apply for the public issue or not. Experts said don't apply.

The issue will close for subscription on March 14, 2008. Equity shares are proposed to be listing on the BSE and NSE.

The objects of the issue are to Finance the capital expenditure programs - setting up a Solvent Extraction Plant having 500TPD capacity, setting up a oil refinery for Solvent Extraction Plant having 100TPD capacity, setting up a Lecithin plant for processing the by products of Solvent Extraction Plant having 5TPD capacity at Badia Kima (M.P.) and setting up a Flour Mill of 275TPD. Other objects are to meet working capital margin requirement of the business, to meet the expenses of the issue and to enable listing of the equity shares of the company on the stock exchanges.

Sita Shree is in the business of wheat and pulse processing. The product portfolio of the company consists of wheat flour, maida, rawa, daliya, suji, chana dal etc. These products are marketed under its own brand like Sita Shree, Regular and Sita Shree Gold.

It has reported sales of Rs 80.73 crore and net profit of Rs 0.92 crore for the year ended March 2007.

Lead manager to the issue is Keynote Corporate Services Limited and Ankit Consultancy Private Limited is the registrar.