Godrej Agrovet garners Rs 341 cr from anchor investors

Godrej Agrovet today said it has raised a little over Rs 341 crore from anchor investors ahead of its initial public offer tomorrow.

Over 74.17 lakh shares would be alloted to 25 anchor investors at Rs 460 apiece, which is the upper end of the price band, the company informed stock exchanges.

At this price, the total amount works out to be Rs 341.19 crore.

Reliance Capital Trustee Company, SBI Life Insurance Company, Nomura, Goldman Sachs, Government of Singapore and Birla Sunlife Trustee Company are among the anchor investors.

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

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-Science.

The price band 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.

Godrej Industries owns 60.81 per cent in Agrovet, which is an agri-business company with operations across five verticals -- animal feed, crop protection, oil palm, dairy, and poultry and processed foods.

Proceeds of the IPO would be utilised towards repayment of loans and 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.

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