GODERJ AGROVET LIMITED
Godrej Agrovet IPO subscribed 2.37 times on Day 2
NEW DELHI: The Rs 1,157-crore initial public offer (IPO) of Godrej Agrovet (GAVL) was subscribed 2.37 times on day two of the bidding process on Thursday.
The public offer received bids for 4,19,93,536 shares against 1,80,27,464 shares offered by the company, according to data available with NSE until 5 pm.
The offer had been subscribed over 52 percent on the first day of the bidding process on Wednesday.
On Tuesday, the company allotted 74.17 lakh shares to 25 anchor investors including Reliance capitalize -0.54 % Trustee Company, SBI Life Insurance Company, Nomura, Goldman Sachs, Government of Singapore, among others, at Rs 460 apiece.
Godrej IndustriesBSE 1.03 % owns 60.81 percent stake in Godrej Agrovet and intends to use the IPO proceeds towards loan repayments and other general purposes.
The company is the largest palm oil producer in India. Its joint venture in Bangladesh is the fourth largest feed producer in terms of sales volume.
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