Mumbai, 26 September, 2017 (GPN) : Godrej Agrovet, a subsidiary of Godrej Industries, is coming up with its Initial Public Offer (IPO) amounting to Rs Rs 300 crore through issue of fresh equity shares.

The company’s IPO will open on October 4, 2017 and close on October 6, 2017. The price band decided by the company is in consultation with the book running lead managers at Rs 450 to Rs 460.Offer for Sale of up to 12,300,000 equity shares by V-Sciences Investments Pte Limited.The minimum Bid Lot is 32 Equity Shares thereafter.The Floor Price is 45 times of the Face Value and the Cap Price is 46 times of the Face Value.

The company, 63.67% owned by Godrej Industries, will issue fresh shares to raise another Rs 300 crore. V Sciences Pte Ltd., a subsidiary of Singapore government’s investment 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 book running lead managers for the proposed issue.

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.

Godrej Agrovet a diversified, research and development focused agri-business company operates in businesses like agri-inputs, animal feed, palm oil manufacturing, dairy and poultry and processed foods . 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.

The Equity Shares of Godrej Agrovet Limited is proposed to be listed on the NSE of India and BSE limited.ENDS