Godrej Agrovet Limited hired Kotak Mahindra Capital Co. Ltd and is in the process of hiring two more investment banks to manage an initial public offering through which it plans to raise as much as $200 million, said three people aware of the development. Reportedly, the company have been meeting with various banks over the past few weeks.

At least 10 banks, both foreign and domestic, have held talks with them. So far, they have appointed Kotak to manage the IPO process. The company has also shortlisted Axis Capital and Credit Suisse, and the IPO mandate is expected to be handed to them soon.