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IPO alert: Godrej Agrovet price band fixed at Rs 450-460

Godrej Agrovet, a subsidiary of Godrej Industries, is coming up with its Initial Public Offer (IPO) amounting to Rs Rs 300 crore through issue of fresh equity shares.

September 26, 2017 9:42 IST | India Infoline News Service
Godrej Agrovet, a subsidiary of Godrej Industries, is coming up with its Initial Public Offer (IPO) amounting to Rs Rs 300 crore through issue of fresh equity shares.
 
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.
 
The company, 63.67% owned by Godrej Industries, will issue fresh shares to raise another 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: animal feed, crop protection, oil palm, dairy, and poultry and processed foods. 

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