Godrej Agrovet which is an arm of Godrej Industries, has received SEBI‘s approval for raising an estimated Rs 1,000-1,200 crore through an initial public offering.

A red herring prospectus (DRHP) had been filed by the company with Sebi in July and has received its ‘observations’ on September 8 that is very necessary for any company to launch public offer according to the latest update with the markets regulator.

According to the DRHP, Godrej Agrovet’s public issue comprises fresh issue of shares worth Rs 300 crore besides an offer for sale of scrips of up to Rs 300 crore by Godrej Industries and up to 1.23 crore shares by V-Sciences.

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