New Delhi: Godrej Agrovet has bought 7.37 lakh shares in its subsidiary Godrej Cattle Genetics for Rs 25 crore through the rights issue. Godrej Cattle Genetics Pvt Ltd (GCGPL), the wholly-owned subsidiary of Godrej Agrovert, is engaged in agri-business and its principal business activities includes dairy farming and developing high-breed cattle and cattle embryo.
In a regulatory filing on Thursday, the company informed that it has been allotted 7,37,463 fresh equity shares of GCGPL at a face value of Rs 10 per share.
“The company has made additional investment aggregating up to Rs 25 crore in the equity share capital of GCGPL by way of subscription to the rights issue,” the filing said.
Godrej Agrovet had 100 per cent equity in GCGPL. Post acquisition of fresh equity shares, GCGPL will continue to be a wholly-owned subsidiary.
