Godrej Agrovet has raised Rs 341.2 crore from 25 anchor investors at Rs 460 per share, the upper end of the Rs 450-460 price band set for the company. The company’s Rs 1,157 crore IPO opened on 4 October and will close on 6 October.
Institutional investors that participated in the anchor book allocation include the Government of Singapore, First State Indian Subcontinent Fund, The India Fund Inc-Aberdeen, Russel Investment Co., Goldman Sachs India and SBI Life Insurance.
Godrej Agrovet will utilise proceeds of IPO for repayment of working capital facilities and commercial papers issued by the company.
Promoters and investors will collectively sell around 18.82 million shares in the Godrej Agrovet IPO. Promoter Godrej Industries Ltd plans to offload shares worth Rs300 crore.
Temasek Holdings Pte, which currently holds 20% in Godrej Agrovet, plans to sell 12.3 million shares, which, at the upper end of the price band, will fetch the Singapore state-owned investor about Rs565.8 crore. Temasek invested Rs572 crore in 2012. Post share sale, Temasek will hold 13% in Godrej Agrovet.