Mumbai: Godrej Agrovet Ltd, the agri-business unit of Godrej Industries Ltd, on Tuesday said it has raised approximately Rs341.2 crore by selling shares to institutional investors as part of its anchor book allocation, a day ahead of its initial public offering (IPO).
Shares were allocated to 25 investors at Rs460 apiece, the upper end of the price band of Rs450-460 for the Godrej Agrovet IPO. The Rs1,157 crore IPO opens 4 October and will close on 6 October.
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Institutional investors that participated in the anchor book allocation include the Government of Singapore, First State Indian Subcontinent Fund, The India Fund Inc-Aberdeen, Russel Investment Co., Goldman Sachs India and SBI Life Insurance.
Proceeds from the fresh issue of shares will be used by Godrej Agrovet for repayment of working capital facilities and commercial papers issued by the company.
Promoters and investors will collectively sell around 18.82 million shares in the Godrej Agrovet IPO. Promoter Godrej Industries Ltd plans to offload shares worth Rs300 crore.
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Temasek Holdings Pte, which currently holds 20% in Godrej Agrovet, plans to sell 12.3 million shares, which, at the upper end of the price band, will fetch the Singapore state-owned investor about Rs565.8 crore. Temasek invested Rs572 crore in 2012. Post share sale, Temasek will hold 13% in Godrej Agrovet.