Godrej Agrovet Rs 1,200 crore IPO will get SEBI nod; group’s first public provide in 8 years

Amid the continued flurry of IPOs, Godrej Industries arm Godrej Agrovet has acquired capital markets regulator Sebi’s go-ahead to lift an estimated Rs 1,000-1,200 crore by an preliminary public providing. This would be the first public provide of Godrej group in 8 years. The corporate had filed draft crimson herring prospectus (DRHP) with Sebi in July and acquired its ‘observations’ on 8 September which may be very obligatory for any firm to launch public provide, as per the most recent replace with the markets regulator.

IPO particulars and proceeds

Godrej Agrovet’s public subject includes a recent subject of shares price Rs 300 crore apart from a suggestion on the market of scrips of as much as Rs 300 crore by Godrej Industries and as much as 1.23 crore shares by V-Sciences, as per the DRHP. Moreover, the corporate is contemplating a pre-IPO placement of as much as 5.6 lakh fairness shares price up Rs 252 crore. Proceeds from the IPO can be utilised in direction of compensation of loans and for different normal company functions. The corporate is predicted to garner an estimated Rs 1,000-1,200 crore by the preliminary public provide. The fairness shares of the corporate are proposed to be listed on BSE and NSE.

Enterprise and Financials

Godrej Industries owns 60.81% in Agrovet, which is in companies resembling agri-inputs, animal feeds, palm oil manufacturing, dairy, poultry and processed meals. Godrej Agrovet had reported an increase of 4.81% within the web revenue to Rs 273.53 crore for the monetary yr ended 31 March 2017 as in comparison with Rs 260.98 within the final yr. Whereas firm’s complete gross sales grew by 30.53% to Rs 4,983.3 from final yr’s gross sales of Rs 3817.67 crore.

Kotak Mahindra Capital Firm, Axis Capital and Credit score Suisse Securities (India) Pvt Ltd will handle the corporate’s public subject. Earlier in June, Godrej Industries had introduced that its board “has determined to take part within the IPO of fairness shares by Godrej Agrovet Ltd”.

Supply hyperlink