Godrej Agrovet closes at 29 per cent premium after stellar debut
Tanay Loya / 16 Oct 2017
Agro-business company, Godrej Agrovet made a strong debut on the bourses on Monday. The scrip closed at Rs. 595.65, up by 29.48 per cent on NSE.
Agro-business company, Godrej Agrovet made a strong debut on the bourses on Monday. The scrip got listed at Rs. 621 per share on BSE at a 35 per cent premium and at Rs. 615.60 per share on the NSE at a 33.82 percent premium to its issue price of Rs. 460 per share. The scrip closed at Rs. 595.65, up by 29.48 per cent on NSE.
The stock touched a high of Rs. 629.85 and low of Rs. 563.80 and attracted a total traded volume of 36,75,542 shares on the BSE.
The Rs. 1,157 crore initial public offer was oversubscribed 95.41 times on the last day of bidding. The issue opened for subscription on October 4 at a price band of Rs. 450-460 per share.
The IPO comprised of fresh issue of shares worth Rs. 291.51 crore and offer for sale of up to Rs. 300 crore by Godrej Industries and up to 1.23 crore shares by V-Sciences Investments Pte Ltd, a subsidiary of Singapore-based investment company Temasek. Godrej Industries holds 60.81 percent stake in Godrej Agrovet.
Godrej Agrovet is a diversified, R&D focused, agribusiness player with operations spread across five business verticals - animal feed, crop protection, oil palm, dairy and poultry and processed foods.
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