Mumbai: Mumbai based power co-generation company Usher Eco Power; a subsidiary of Usher Agro has filed DRHP with the SEBI to raise 100 crore in its IPO. IDBI Capital Market and SMC Capital are the book running lead managers, while Bigshare Services is the registrar to the issue. The company plans to set up a 16 MW biomass based cogeneration power project and to meet the margin money for its working capital requirements with the proceeds of the IPO. Usher Agro would be diluting about 25 percent of its stake in the power unit.

The company has already acquired a 4.16 hectares land in Chhata, Mathura for setting up its power plant and looks forward to secure water supply from tube wells to be installed in the plant complex. It was incorporated in 2007 and its Promoter Directors are Vinod Kumar Chaturvedi and Manoj Chaturvedi. The Independent Directors of the company are Ajay Prakash Arora, Vijay Ranchan, Vinod Kumar, and Palakat Joseph Paul.

Usher Eco Power is a part of the Usher Group, which includes Usher Agro, Usher Oils and Foods, Usher Infra Logic, and Usher Capitals. Its promoter company Usher Agro is engaged in milling and processing of paddy and wheat, and has milling facilities in U.P., Bihar, and Mathura. It had already raised 18.01 crore through its IPO in 2006.

Usher Eco Power would be responsible for meeting the energy requirements of Usher Group, besides being an independent functionary as alternative energy supplier for various other companies. The group as a whole is committed to strictly adhere to quality production parameters, eco-friendly practices and ethical internal and external policy structure.