September 26, 2017 / 6:49 AM / a year ago

Godrej Agrovet sets price range for up to $178 million IPO

MUMBAI (Reuters) - India’s Godrej Agrovet Ltd has set a price range of 450-460 rupees a share for its initial public offering to raise up to 11.6 billion rupees ($177.6 million), according to a public notice on Tuesday.

A broker reacts while trading at his computer terminal at a stock brokerage firm in Mumbai, India, February 26, 2016. REUTERS/Shailesh Andrade/Files

The animal-feed producer is selling new shares worth up to 2.92 billion rupees in the IPO, while its main shareholder Godrej Industries is selling secondary shares of up to 3 billion rupees.

A unit of Singapore’s Temasek Holdings will sell up to 12.3 million shares, which at the upper end of the price range would be worth 5.66 billion rupees.

Kotak Investment Banking, Axis Capital and Credit Suisse are the banks managing the IPO that runs Oct. 4-Oct. 6.

($1 = 65.3200 Indian rupees)

Reporting by Swati Bhat and Devidutta Tripathy; Editing by Biju Dwarakanath

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