Advanced Enzyme Technologies to acquire majority stake in SciTech Specialties

The Board of Advanced Enzyme Technologies in its meeting held on 26 December 2020 has approved the (a) investment of an amount not exceeding Rs. 31.62 crore by way of subscription to the issue of 492,630 equity shares of SciTech Specialties (SSPL) as may be offered on preferential issue / private placement basis by SSPL and purchase of 27,778 from selling shareholders of SSPL, aggregating to 520,408 equity shares i.e. 51% of equity share capital of SSPL, and (b) authorization for signing of Share Subscription and Shareholders' Agreement in this regard.

On completion of the aforesaid investment, SSPL will become subsidiary of Advanced Enzyme Technologies (Company).

SSPL is a technology-based contract manufacturing company specializing in effervescent granules and tablets. SSPL manufactures effervescent products with aqueous granulation technology for all product groups. SSPL has two manufacturing facilities for nutraceuticals and pharmaceuticals

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