Astec Lifesciences gains on transfer of shares to new promoter

Astec Lifesciences rose 1.63% to Rs 243.90 at 9:46 IST on BSE after the company said its board approved transferring 88.11 lakh equity shares held by existing promoters to Godrej Agrovet.

The announcement was made before market hours today, 13 October 2015.

Meanwhile, the BSE Sensex was down 78.45 points, or 0.29%, to 26,825.66.

On BSE, so far 14,000 shares were traded in the counter, compared with an average volume of 1.42 lakh shares in the past one quarter.

The stock hit a high of Rs 247 and a low of Rs 241.90 so far during the day. The stock hit a record high of Rs 304 on 21 July 2015. The stock hit a 52-week low of Rs 67.20 on 17 October 2014.

The stock had underperformed the market over the past one month till 12 October 2015, rising 1.74% compared with 5.05% rise in the Sensex. The scrip had, however, outperformed the market in past one quarter, rising 31% as against Sensex's 2.74% decline.

The small-cap company has an equity capital of Rs 19.46 crore. Face value per share is Rs 10.

Astec Lifesciences said that the board of directors of the company at its meeting held on 12 October 2015, approved the transfer of 88.11 lakh equity shares of the company held by the existing promoters of the company to Godrej Agrovet, the incoming promoter.

On 29August 2015, Godrej Agrovet, subsidiary of Godrej Industries, 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.

On 31 August 2015, Godrej Agrovet made an open offer to public shareholders of Astec Lifesciences to acquire an additional 26.05% stake at a price of Rs 246.60 per share.

On a consolidated basis, net profit of Astec Lifesciences rose 49.44% to Rs 2.69 crore on 12.37% rise in net sales to Rs 57.23 crore in Q1 June 2015 over Q1 June 2014.

Astec Lifesciences makes a wide range of agrochemical active ingredients and pharmaceutical intermediates.

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