Godrej Agrovet IPO Oversubscribed With the Aid of 4.26 Times

Godrej Agrovet, a subsidiary of Godrej Industries, will elevate up Rs 1,157 crore by using promoting 2.52 crore shares in its initial Public provide (IPO) supply.

The IPO bought over-subscribed by using 4.26 times as of 1130 hours on Friday. The entire difficulty size stands at 1,80,27,464. The total bids got stood at 7,68,60,736 shares whereas total bids received at cut-off price stood at 3,08,41,440 shares.

The company's IPO has opened on October 4, 2017 and will close on October 6, 2017. The price band determined by using the corporate is in session with the book operating lead managers at Rs 450 to Rs 460.

The proceeds from the IPO can be used to repay its working capital amenities of Rs 100 crore and to additionally repay business papers price Rs 150 crore. The rest be used for general corporate purposes.

Godrej Industries holds 63.67% stakes within the company and lift worth Rs 300 crore. V Sciences Pte Ltd., a subsidiary of Singapore government’s funding 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 e book running lead managers for the proposed problem.

Godrej Agrovet is a diversified, analysis and development centered 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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