Godrej Agrovert, in order to manage its initial public offering (IPO) has hired Kotak Mahindra Capital and is in the process of hiring two more investment banks. The company is planning to raise almost $200 million via the IPO.
The company has approached many banks including foreign and domestic ones, and has now appointed Kotak Bank to manage its IPO process. Axis Capital and Credit Suisse too have been shortlisted, and the company is likely to get them onboard as well, as per market vide speculation.
Godrej Industries currently owns 60.8% in Godrej Agrovert, a company which deals in agri-inputs, animal feeds, dairy, poultry and palm oil manufacturing.
While Temasek for around Rs 572 crore, has picked up 19.99% stake in Godrej Agrovert.
Godrej Agrovert in the previous financial year posted revenue of Rs 4400 crore with Rs 200 crore net profit. The company has contributed 41% to the parent Godrej Industries’ total revenue for the same fiscal.