Solid Listing: Godrej Agrovet Debuts With 34% Premium At Rs 615.60 Per Share

Diversified agro-trade company Godrej Agrovet started off first change at Rs 615.60 on the national stock exchange, a whopping premium of 33.82 % over its issue price of Rs 460 per share.

Various agro-trade company Godrej Agrovet began off first trade at Rs 615.60 on the National Stock Exchange, a whopping premium of 33.82% over its issue price of Rs 460 per share.

The Stock touched a high of Rs 630 and low of Rs 605.55 in early trade.

The stock price used to be trading at Rs 615, up 33.69 percent over problem value.The hefty top rate was once warranted, given the huge oversubscription to the issue.

The Rs 1,157-crore IPO was once oversubscribed 95.41 instances on October 6, the last day of bidding. the issue was opened for subscription on 4 October , with a price band of Rs 450-460 per share.

The IPO comprised of fresh issue of shares worth Rs 291.51 crore and supply on the market of up to Rs 300 crore via Godrej Industries and as much as 1.23 crore shares by V-Sciences Investments Pte Ltd, a subsidiary of Singapore-based totally investment company Temasek.

Post issue,Godrej Industries holds 60.81 % stake in Godrej Agrovet, which is an agri-business company with operations across 5 verticals - animal feed, crop safety, oil palm, dairy, chook and processed meals.

Agrovet will use fresh issue proceeds against repayment of loans and other general purpose.

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