Godrej Agrovet fixes Rs 450-460 price band for IPO

Godrej Agrovet today said it has fixed a price band of Rs 450-460 per share for the initial public offer opening next week.

The IPO of the company, part of Godrej Industries, would open for subscription from October 4 to 6.

In a release, the company said price band for the IPO has been fixed at Rs 450-460 per share. At the upper end of the price band, the sale would fetch around Rs 1,157 crore.

The public issue comprises fresh issue of shares worth Rs 291.51 crore besides an offer for sale worth up to Rs 300 crore by Godrej Industries and sale of up to 1.23 crore shares by V-Sciences.

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 would be utilised towards repayment of loans and for other general purposes.

Kotak Mahindra Capital Company, Axis Capital and Credit Suisse Securities (India) Pvt Ltd would manage the company's public issue. The shares are proposed to be listed on BSE and NSE.

Godrej Agrovet is an agri-business company with operations across five verticals -- animal feed, crop protection, oil palm, dairy, and poultry and processed foods.

(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)