Godrej Agrovet files IPO papers with Sebi 21/07/2017

Godrej Agrovet files IPO papers with Sebi
21/07/2017
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Godrej Industries arm Godrej Agrovet filed draft papers with markets regulator Sebi to raise an estimated Rs 1,000-1,200 crore through an initial public offering, reported PTI. The public issue comprises fresh issue of shares worth Rs 300 crore besides an offer for sale of scrips of up to Rs 300 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 Rs 252 crore. Godrej Industries owns 60.81 per cent 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 Rs 1,000-1,200 crore through the initial public offer (IPO). Kotak Mahindra Capital Company, Axis Capital and Credit Suisse Securities (India) Pvt Ltd will manage the companys 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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