IPO Alert: Godrej Industries To Raise Rs 400 Crore Via Godrej Agrovet IPO

Godrej Industries Ltd proposes to sell shares of its group company Godrej Agrovet to raise up to Rs 400 crore through the initial public offer (IPO). Godrej Agrovet is involved in agri-inputs, animal feeds, dairy and poultry and palm oil manufacturing.

Godrej Industries is the parent company of Godrej Agrovet. It owns 60.8% in Agrovet, whereas Godrej & Boyce Manufacturing Company Ltd holds another 2.86% as on March 31, 2016, reported a leading news agency.

Godrej Industries informed that its board has decided to participate in the IPO of equity shares by Godrej Agrovet Ltd. "Our company proposes to sell such number of equity shares in Godrej Agrovet Ltd up to Rs 400 crore through the offer," the company mentioned in a BSE filing.

The board has authorised the management committee of its board to consider and finalise the terms and condition for participation in the offer. 

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