Godrej Industries to raise Rs 400 crore through Godrej Agrovet IPO

NEW DELHI: Godrej Industries Ltd will sell shares in the initial public offer ( IPO) of its group firm Godrej Agrovet to raise up to Rs 400 crore.

Godrej Industries owns 60.8 per cent in Agrovet, which is in businesses such as agri-inputs, animal feeds, palm oil manufacturing, dairy and poultry.

In a filing to the BSE, 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," it added.

The board has authorised the management "to consider and finalise the terms and condition" for participation in the offer, it further added.