Godrej Agrovet Files For IPO With SEBI:
Godrej Agrovet has filed its draft red herring prospectus (DRHP) with the market regulator SEBI seeking permission for its Initial Public Offering (IPO). Company is planning to raise about Rs 1200 crore.
The IPO comprises of a fresh issue of up Rs 300 crore and an offer for sale of by Godrej Industries aggregating up to Rs 300 crore and up to 12,300,000 equity shares by V-Sciences Investments Pte Ltd.
Kotak Mahindra Capital Co. Ltd, Axis Capital Ltd and Credit Suisse Securities (India) Pvt. Ltd will manage the initial share sale. The proceeds of the IPO will be used for repayment or prepayment of working capital facilities, repayment of commercial papers and general corporate purposes, the statement said.
The issue would include a reservation of up Rs. 20 crore for subscription by eligible employees and also proposes to issue up to 405,500 equity shares to identified employees of the company under the ESPS.
The company operates across five business verticals including animal feed—the largest segment—crop protection, oil palm, dairy, and poultry and processed foods.
During FY2015-16, the company also acquired Creamline Dairy, a south India-focused milk and milk products firm along with Astec Lifesciences Ltd, an agri-chemical and pharma intermediates firm, further strengthening the company’s presence across the agri- and food business value chain.
Godrej Agrovet is the leading compound animal feed company in India, on the basis of installed capacity for the financial year 2016, according to the CRISIL Animal Feed report from 2016.
The Net Proceeds from the Issue will be utilised towards repayment or prepayment of working capital facilities availed by the company, repayment of commercial papers issued by the Company; and for general corporate purposes, subject to the applicable laws
Godrej Agrovet reported net profit of Rs 273.53 crore for financial year 2016-17 on total revenues of Rs 4,983.29 crore. The company’s total revenues stood at Rs 3817.66 crore in financial year 2015-16 compared with Rs 3325.48 crore in the previous year.
The company reported a net profit of Rs 260.97 crore in financial year 2015-16 compared with Rs 210 crore in the previous year.
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