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Godrej Agrovet IPO subscribed 51% on first day

LiveMint logoLiveMint 04-10-2017 Livemint

New Delhi: Godrej Agrovet Ltd’s initial public offering was subscribed 48% on the first day of bidding on Wednesday.

As of 5.00pm, the Godrej Agrovet IPO, which aims to raise Rs1,157 crore, received bids for 92,62,080 shares against the total issue size of 1,80,27,464 shares, according to data available with the NSE.

Godrej Agrovet, the agri-business unit of Godrej Industries Ltd, has priced its shares in a band of Rs450-460. The promoters and investors will collectively sell around 18.82 million shares in the share sale. Promoter Godrej Industries plans to offload shares worth Rs300 crore.

Godrej Agrovet on Tuesday said it has raised approximately Rs341.2 crore by selling shares to institutional investors as part of its anchor book allocation.

The IPO will close on 6 October. The proceeds will be used by the company for repayment or prepayment of working capital facilities, repayment of commercial papers issued by the company, and to meet general corporate purposes.

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