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Godrej Agrovet files IPO papers with Sebi

LiveMint logoLiveMint 19-07-2017 PTI

New Delhi: Godrej Industries Ltd arm Godrej Agrovet Ltd on Wednesday filed draft papers with markets regulator Securities and Exchange Board of India (Sebi) to raise an estimated Rs1,000-1,200 crore through an initial public offering (IPO).

The public issue comprises fresh issue of shares worth Rs300 crore besides an offer for sale of scrips of up to Rs300 crore by Godrej Industries and up to 1.23 crore shares by V- Sciences, as per the Draft Red Herring Prospectus (DRHP).

Besides, the company is considering a pre-IPO placement of up to 5.6 lakh equity shares worth up Rs252 crore. Godrej Industries owns 60.81% in Agrovet, which is in businesses such as agri-inputs, animal feeds, palm oil manufacturing, dairy and poultry.

Proceeds of the IPO will be utilised towards repayment of loans and for other general corporate purposes. According to merchant banking sources, the company is expected to garner an estimated Rs1,000-1,200 crore through the IPO.

Kotak Mahindra Capital Company, Axis Capital and Credit Suisse Securities (India) Pvt Ltd will manage the company’s public issue. The equity shares of the company are proposed to be listed on BSE and NSE. Last month, Godrej Industries had announced that its board “has decided to participate in the IPO of equity shares by Godrej Agrovet Ltd”.

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