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Oct 06, 2017 09:03 PM IST | Source: Moneycontrol.com

Godrej Agrovet's IPO oversubscribed 23 times so far

The IPO which was to raise around Rs 1,157 crore, received bids for 40,87,63,008 shares against the total issue size of 1,80,27,464 shares, data available with the NSE showed.

 
 
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The initial public offer (IPO) of Godrej Agrovet was oversubscribed 22.67 times on Friday so far.

The IPO which was to raise around Rs 1,157 crore, received bids for 40,87,63,008 shares against the total issue size of 1,80,27,464 shares, data available with the NSE showed.

Godrej Agrovet earlier this week raised a little over Rs 341 crore from anchor investors.

The IPO of the company, part of Godrej Industries, would remain open for subscription till tomorrow.

The issue comprises a 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 percent in Godrej Agrovet, which is an agri-business company with operations across five verticals - animal feed, crop protection, oil palm, dairy, 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) Private Limited are managing the company's issue. The shares are proposed to be listed on the BSE and the NSE.

(With inputs from PTI)
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