Godrej Industries jumps 4% as arm receives Sebi nod for IPO




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. NSEBSEGodrej IndustriesLoading data…

PEER COMPANIES NEW DELHI: Shares of Godrej Industries rose 4 per cent in Tuesday’s trade after its arm Godrej Agrovet received Sebi’s approval to raise an estimated Rs 1,000-1,200 crore through an initial public offering (IPO). 658.35

The company had filed draft red herring prospectus (DRHP) with Sebi in July, while it had received ‘observations’ on September 8.

Following the report, the stock rose 4.95 per cent to hit a high of 44.5 on BSE.

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.

The public issue comprises fresh issue of shares worth Rs 300 crore besides an offer for sale of scrips of up to Rs 300 crore by Godrej Industries and up to 1.23 crore shares by V-Sciences, as per the DRHP. Proceeds of the IPO will be utilised towards repayment of loans and for other general corporate purposes.




Leave a Reply