Godrej Agrovet, the agri-business arm of the Godrej Group, on Tuesday announced its Rs 1,177 crore initial public offering in the price band of Rs 450 to Rs 460 per equity share of face value of Rs 10 each. The IPO will open for bidding on October 4 and close on October 6, 2017.
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.
The public offer comprises fresh issue of shares worth Rs 291.51 crore, an offer for sale of shares worth Rs 300 crore by promoter Godrej Industries and offer for sale of 12.30 million shares by V-Sciences Investments, a Temasek Group company. Temasek had bought 20 per cent stake in Godrej Agrovet in 2012 and will be making a partial exit by selling one third of its total shares held.
Post the listing of the company, the promoter Godrej Industries and Godrej Family’s stake in Godrej Agrovet will reduce to around 66 per cent. The firm proposes to utilise the net proceeds from the fresh issue of shares for repayment or prepayment of working capital facilities availed by the company.
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