 "Astec Lifesciences rallies on open offer by Godrej Agrovet")
Astec Lifesciences has rallied 9% to Rs 263 on the BSE, after Godrej Agrovet made an open offer to public shareholders to acquire an additional 26.05% stake at a price of Rs 246.60 per share.
Meanwhile, Godrej Agrovet, subsidiary of Godrej Industries, has entered into a share purchase agreement with Astec Lifesciences to buy 45.29% stake of the latter at a price of Rs 190 per share.
“The board of directors of the company has approved execution of a share purchase agreement, whereby the promoters of the company have agreed to sell 45.29% of the current paid-up equity shares of the company at a price of Rs 190 per share to Godrej Agrovet Limited,” Astec Lifesciences said in a statement.
Depending on the response to the open offer, Godrej Agrovet may acquire additional shares from the promoters such that Godrej Agrovet’s total holding reaches 50% plus one share of the fully diluted share capital of the company after completion of the open offer, the company added.
At 10:23 AM, the stock was up 7% at Rs 258 on the BSE. The trading volumes on the counter jumped more than three-fold, with a combined 862,272 shares changing hands on the BSE and NSE.
Meanwhile, Godrej Agrovet, subsidiary of Godrej Industries, has entered into a share purchase agreement with Astec Lifesciences to buy 45.29% stake of the latter at a price of Rs 190 per share.
“The board of directors of the company has approved execution of a share purchase agreement, whereby the promoters of the company have agreed to sell 45.29% of the current paid-up equity shares of the company at a price of Rs 190 per share to Godrej Agrovet Limited,” Astec Lifesciences said in a statement.
Depending on the response to the open offer, Godrej Agrovet may acquire additional shares from the promoters such that Godrej Agrovet’s total holding reaches 50% plus one share of the fully diluted share capital of the company after completion of the open offer, the company added.
At 10:23 AM, the stock was up 7% at Rs 258 on the BSE. The trading volumes on the counter jumped more than three-fold, with a combined 862,272 shares changing hands on the BSE and NSE.
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →*Subscribe to Business Standard digital and get complimentary access to The New York Times
Smart Quarterly
₹900
3 Months
₹300/Month
SAVE 25%
Smart Essential
₹2,700
1 Year
₹225/Month
SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months
Super Saver
₹3,900
2 Years
₹162/Month
Subscribe
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app
SAVE 25%