Godrej Agrovet, a subsidiary of Godrej Industries, will raise up Rs 1,157 crore by selling 2.52 crore shares in its Initial Public Offer (IPO) offer.
The company’s IPO will open on October 4, 2017 and close on October 6, 2017. The price band decided by the company is in consultation with the book running lead managers at Rs 450 to Rs 460.
Godrej Industries holds 63.67% stakes in the company and raise worth Rs 300 crore. V Sciences Pte Ltd., a subsidiary of Singapore government’s investment fund Temasek Holdings, will offload a-third of its 19.99% holding.
Kotak Mahindra Capital Company, Axis Capital, Credit Suisse Securities (India) and Karvy Computershare are the book running lead managers for the proposed issue.
The proceeds from the IPO will be used to repay its working capital facilities of Rs 100 crore and to also repay commercial papers worth Rs 150 crore. The rest be used for general corporate purposes.
Godrej Agrovet is a diversified, research and development focused agri-business company with operations across five business verticals viz. animal feed, crop protection, oil palm, dairy, and poultry and processed foods.