Don't miss

Thursday, June 29, 2017

Godrej Industries to raise Rs. 400 cr via Agrovet IPO

By on Thursday, June 29, 2017

Godrej Industries to raise Rs. 400 cr via Agrovet IPO

Godrej Industries plans to divest its stake in Godrej Agrovet through an initial public offering and raise Rs. 400 crore.

Godrej Agrovet is a diversified, research & development-backed agri-business company that caters to animal feed, oil palm plantations, crop protection, hybrid seeds, dairy and processed poultry.

Godrej Industries currently holds 60.8% stake in Godrej Agrovet.

In a filing to the BSE, Godrej Industries informed that its board “has decided to participate in the IPO of equity shares by Godrej Agrovet.” “Our company proposes to sell such number of equity shares in Godrej Agrovat up to ₹400 crore through the offer,” it added.

The board has authorised the management “to consider and finalise the terms and condition” for participation in the offer, it further added.

The public issue may also provide an opportunity to Temasek Holdings Pte Ltd, Singapore’s State-owned investor, to pare its holding in the company. Temasek had picked up 19.99% stake in Godrej Agrovet in 2012-13 for Rs. 572 crore. “The investment will be a combination of primary and secondary investment with the primary investment intended to support GAVL’s future expansion plans” Godrej had then said.

In 2015-16, Godrej Agrovet had made two acquisitions, Astec LifeScience — a listed niche agro-chemicals company, and Creamline Dairy Products — a prominent dairy company in South India.

About Your Investment Friend Persosal Finance, Real estate - plot,flats, home loan, income tax, laws and rules, builders, promoters, vastu rules, meaning of real estate terms, affordable housing, construction materials, insurance, real estate - events and surveys, also share market, mutual fund, insurance and world important days.


Google+ Followers


Popular Posts 7 Days