Godrej Agrovet Ltd. will sell shares in its initial public offering at Rs 450-460 apiece as the animal feed and agri-products maker bets on growing demand to raise funds from investors, according to an exchange filing by parent Godrej Industries Ltd.
The company, 63.67 percent owned by billionaire Adi Godrej-led parent, will issue fresh shares to raise another Rs 300 crore. Godrej Industries will sell stake worth Rs 300 crore and V-sciences Investment Pte Ltd., a subsidiary of Singapore government's investment fund Temasek Holdings, will offload a third of its 19.99 percent holding.
Kotak Investment Banking, Axis Capital Ltd. and Credit Suisse Securities (India) Pvt. Ltd. will be the lead book running managers for the offer.
Godrej Agrovet operates in businesses like agri-inputs, animal feed, palm oil manufacturing, dairy and poultry. 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.
Also Read: Godrej Agrovet Files Draft Prospectus With Market Regulator For IPO
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