Godrej Agrovet IPO subscribed 2.33 times on second day

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Godrej Agrovet's initial public offer (IPO) received bids for 4.19 crore shares as compared to 1.8 crore shares on offer on the second day of bidding for the today, 5 October 2017, data on NSE showed as at 17:00 IST. The was subscribed 2.33 times. The price band for the has been fixed at Rs 450-460 per share. The opened yesterday, 4 October and closes tomorrow, 6 October 2017.

The comprises of fresh issue of Rs 291.51 crore. The offer also comprises of an offer for sale of 1.23 crore shares by V-Sciences Investments Pte Ltd (an indirect wholly owned subsidiary of Temasek Holdings (Private) Limited). The offer also comprises of an offer for sale of Rs 300 crore by the promoter, Godrej Industries.

Ahead of the IPO, the committee of the board of directors of at a meeting held on 3 October 2017, finalized allocation of 74.17 lakh shares to 25 anchor investors at an upper end of the price band at Rs 460 per share aggregating Rs 341.19 crore.

The objects of the issue is to spend around Rs 100 crore on repayment of working capital facilities availed by the company, Rs 150 crore for repayment of commercial papers and rest for general corporate purposes, apart from the benefits of listing the equity shares on the BSE and the NSE and to enhance its visibility and brand image and provide liquidity to its existing shareholders.

reported the net profit of Rs 63.54 crore on revenue from operations of Rs 1,342.7 crore in Q1 June 2017.

Incorporated in 1991 and a part of Godrej group and promoted by Adi Godrej and Nadir Godrej and Godrej Industries, (GA) is a diversified research and development focused agribusiness company with operations across five business verticals: animal feed, crop protection, oil palm, dairy and poultry and processed foods.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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