Godrej Industries’ arm Godrej Agrovet has signed share purchase pact with Astec LifeSciences to acquire 45.29 per cent stake. Godrej Agrovet offers Rs 190 a share to Astec LifeSciences promoters. The offer price to Astec LifeSciences is at a huge discount to the prevailing market price of Rs 242.25 on the NSE.
At present, promoters control 55.29 per cent stake in Ateck LifeSciences. Godrej Agrovet will also acquire Astec LifeSciences’ wholly owned subsidiary Astec Corp Care.
Godrej Industries is part of the Godrej group, one of the leading business groups in India and is in the businesses of Oleo-chemicals, surfactants, finance & investments and estate management. It has substantial interests in several industries including property development, oil palm plantation, animal feeds and agro-products, poultry, personal care and household care etc., through its subsidiaries, associate companies and joint venture.