Godrej Agrovet IPO oversubscribed by 2.33 times on Day-2

India Infoline News Service | Mumbai | October 06, 2017 08:53 IST

Godrej Agrovet IPO got over-subscribed by 2.33 times as of 1700 hours on Thursday

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 IPO got over-subscribed by 2.33 times as of 1700 hours on Thursday. The total issue size stands at 1,80,27,464. The total bids received stood at 4,19,93,536 shares while total bids received at cut-off price stood at 2,06,34,848 shares.
The company’s IPO has opened on October 4, 2017 and will 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 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 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.
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.

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